TikTok announced Thursday that its China-based parent company, ByteDance, has sold its majority stake in the U.S. business rights of its social media platform to a group of non-Chinese investors.

The deal will be finalized this week

The deal avoids the threat of the popular app being banned in the U.S. over national security concerns.

TikTok annuncia di aver finalizzato l'accordo per la cessione delle sue attività negli Stati Uniti a investitori non cinesi, aprendo di fatto un nuovo capitolo per la popolare app…

TikTok annuncia di aver finalizzato l'accordo per la cessione delle sue attività negli Stati Uniti a investitori non cinesi, aprendo di fatto un nuovo capitolo per la popolare app…

Majority US-owned venture includes Larry Ellison’s Oracle, private-equity group Silver Lake and Abu Dhabi’s MGX

TikTok announced Thursday that its China-based parent company, ByteDance, has sold its majority stake in the U.S. business rights of its social media platform to a group of…

The app was due to be banned in the US a year ago if its Chinese owner hadn't sold its business in America.

While TikTok's future in the US has been secured, questions remain about exactly what changes US users will see.

It comes after TikTok faced years of intense scrutiny in the US due to concerns about user data privacy.