ByteDance and U.S. investors form TikTok ownership venture - UPI.com

Dec. 18 (UPI) -- The owner of TikTok has signed an agreement to create a joint venture that will make the popular social media app majority-owned by American investors, the company announced Thursday.

The Trump administration had mandated that ByteDance, TikTok's owner, become primarily owned by a consortium of U.S. companies to continue operating in the United States.

The news was announced to company employees by TikTok Chief Executive Officer Shou Chew, according to NBC News.

The tech company Oracle, private equity-based fund Silver Lake and MGX, a United Arab Emirates investment firm are among the biggest investors.

ByteDance and U.S. investors form TikTok ownership venture - UPI.com

Other newsrooms on this story

Related reading

TikTok owner agrees to sell US business

Other newsrooms on this story

Related reading

TikTok owner agrees to sell US business

TikTok deal may help avoid US ban. What does it means for users?

TikTok announces it has finalized deal to establish US entity, sidestepping ban

Who owns TikTok now and how could it change for US users?

TikTok signs agreement to create new U.S. joint venture, memo says

TikTok agrees U.S. joint venture deal with Oracle, Silver Lake and MGX | Fortune