TikTok finalizes deal handing control of US operations to Trump-backed investors

TikTok is moving to spin off its U.S. operations into a separate entity controlled by a group of primarily American investors backed by President Donald Trump, the company announced Thursday.

The social media app, known for its short-form video content, will now be owned in the United States by TikTok U.S. Data Security Joint Venture LLC. The app’s Chinese parent company, ByteDance, will retain a 19.9% stake in the joint venture, while the majority will be held by American investors.

The announcement comes one month after TikTok inked the deal to sell its U.S. entity to the joint venture group. On Thursday, the White House confirmed that the deal had been finalized before TikTok made its public announcement.

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