TikTok owner ByteDance signs deal to create new U.S. joint venture

TikTok CEO Shou Chew told employees that owner ByteDance had signed binding agreements to create a new joint venture for the app in the United States.

TikTok CEO Shou Chew told employees of the social media app Thursday that its owner, China’s ByteDance, has signed binding agreements to create a joint venture for the app in the United States, as agreed to in a deal with the Trump administration.

That deal means the U.S. version of TikTok will become majority-owned by American investors, according to a memo obtained by NBC News.

The investors include American tech giant Oracle, the California-based private equity fund Silver Lake and the United Arab Emirates investment firm MGX.

Silver Lake and MGX did not immediately respond to requests for comment. Spokespeople for the White House and the Treasury Department likewise did not reply to requests for comment on the deal.

Oracle declined to comment but shares of the company jumped more than 5% in after-hours trading.