TikTok’s parent company, ByteDance, has A contract is signed The deal, which forms a majority American-owned joint venture with a group of non-Chinese investors to keep the social app operating in the US, ends a six-year-long political saga that began in 2020 when President Donald Trump tried to ban the app over national security concerns during his first term.

Adam Presser, who was TikTok’s head of operations and trust and security, will become the CEO of TikTok USDS Joint Venture LLC. TikTok CEO Shou Chew will serve as a director.

The venture’s three managing investors, Oracle, private equity firm Silver Lake and Abu Dhabi-based investment company MGX, will each hold a 15% stake. Other investors include Michael Dell’s family investment firm and several smaller investors.

The TikTok USDS joint venture will “operate under defined safeguards that protect national security through comprehensive data protection, algorithm security, content moderation and software assurance for US users,” TikTok said.

The joint venture will function as an independent entity managed by seven members. In addition to Chew, the board includes TPG Global’s Timothy Dattles, Susquehanna International Group’s Mark Dooley, Silver Lake co-CEO Egon Durban, DXC Technologies CEO Raul Fernandez, Oracle’s Kenneth Gluck and MGX’s David Scott.

Trump celebrated the deal True social postsNoting that the app “will now be owned by one of the largest groups of American patriots and investors in the world and will be an important voice.”