The deal comes more than a year after Congress passed a law that forced its owner ByteDance to divest its US operations or face a ban.

ByteDance Ltd. is on track for profits of roughly $50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets.

In a memo to staff reviewed by Reuters, TikTok CEO Shou Zi Chew confirmed that all US data “will be stored in a trusted and secure cloud environment in the United States run by Oracle,” with Oracle ultimately responsible for safeguarding US data.

SAN FRANCISCO (AP) — TikTok has signed agreements with three major investors — Oracle, Silver Lake and MGX — to form a new TikTok U.S. joint venture, ensuring the popular social video platform can continue operating in the United States.

TikTok's new US joint venture will hand over national-security related tasks to its partners, while ByteDance holds onto key business lines.

A new U.S.-based joint venture would keep TikTok online while handing oversight of its algorithm and data security to some of America’s wealthiest investors.

BYTEDANCE is on track for profits of roughly US$50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets.

A billionaire investor keen on buying TikTok's US operations has told the BBC he has been left in limbo as the latest deadline for the app's sale looms. The US has repeatedly delayed the date by which the platform's Chinese owner, ByteDance, must sell or be blocked for American users.