ByteDance, the parent company of TikTok, signed binding agreements on Thursday to shift control of the short video app's β U.S. operations to a group of investors including Oracle, in a major step toward avoiding a U.S. ban and ending years of uncertainty.
The deal is a milestone for the platform used regularly by more than 170 million Americans βafter years of battles that began in August 2020, when President Donald Trump first βtried unsuccessfully to ban the app over U.S. national security concerns.
Financial terms of the deal, announced in an internal memo, were not disclosed.
Other details of the deal are in line with those outlined in September, when Trump delayed until Jan. 20 enforcement of the law that βbans the app unless its Chinese owners sell it amid efforts to extract TikTok's U.S.
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