TikTok’s Chinese owner, ByteDance, finalizes a deal to establish majority American-owned joint venture, preventing U.S. ban on app with 200 million American users. Trump’s attempt to ban app prompted battles, but deal secures U.S. user data and algorithms through data privacy measures. American and global investors to hold 80.1% of venture.

Cloud computing giant Oracle, private equity group Silver Lake, and Abu Dhabi-based investment firm MGX will manage TikTok USDS Joint Venture. U.S. and Chinese governments have approved deal. Trump credits Chinese President Xi Jinping for cooperation. Venture will operate TikTok’s U.S. app.

Former TikTok USDS figures appointed as CEO and chief security officer of the venture. TikTok CEO Shou Chew named to board overseeing global businesses and strategy. Venture aims to update content recommendation algorithm on U.S. user data, secured in Oracle’s U.S. cloud. ByteDance will retain ownership of U.S. business operations but cede control of data and algorithm to venture.

Read more at Yahoo Finance: TikTok seals deal for new US joint venture to avoid American ban