TikTok CEO Shou Chew announced a new U.S. joint venture with American investors, ending a political battle. The deal is set to close on Jan. 22, 2026, allowing TikTok to continue serving its 170 million U.S. users.

President Trump signed an executive order in September enabling the sale of TikTok’s U.S. operations to an American-led investment group. The move complies with a law banning social media platforms under foreign government control, like China’s ByteDance.

The White House confirmed that Oracle and Silver Lake would be main owners of TikTok U.S., with ByteDance owning less than 20%. Congress enacted a law last year banning TikTok due to national security concerns about data security and foreign influence operations.

The Protecting Americans from Foreign Adversary Controlled Applications Act requires apps like TikTok to be divested from ownership under adversarial foreign governments. The law, effective since Jan. 19, 2025, survived a Supreme Court challenge and allowed a 90-day extension.

Read more at Yahoo Finance: TikTok reaches agreements on new US joint venture with closing set for 2026