ByteDance, the Chinese company and owner of the TikTok platform, has announced that it will hand over control of the app's US operations to a group of investors from that country in order to avoid a ban on its use in the United States.
This application has been unsuccessfully banned in the US several times, and President Donald Trump first attempted to do so at the end of his first term in 2020, on the grounds that it posed a threat to national security, Reuters reports.
Trump has delayed the implementation of a law banning TikTok until January 20th of next year unless its Chinese owners sell it.
US Vice President JD Vance said in September that the app's value was estimated at around $14 billion, while the final value is still unknown.
Control of the American app giant will be taken over by a group of investors that includes technology giant Oracle and companies Silver Lake and MGX, and they will have an 80,1 percent ownership stake, while China's ByteDance will retain 19,9 percent.
TikTok CEO Zhou Zichu told employees that the joint venture would "operate as an independent entity with authority over US data protection, algorithm security, content moderation and software assurance."
He added that TikTok's US owners will "manage global product interoperability and certain commercial activities, including e-commerce, advertising and marketing," separate from the joint ownership.
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