TikTok Seals Deal to Operate in the US After Years of Drama

TikTok and its Chinese parent ByteDance Ltd. have closed a long-awaited deal to transfer parts of their US operations to American investors, securing the popular video app’s future in the US and avoiding a nationwide ban.

The social media company has officially established a US entity with three managing investors: Oracle Corp., private equity firm Silver Lake Management LLC and Abu Dhabi-based investment company MGX. TikTok Chief Executive Officer Shou Chew — who will continue running ByteDance’s most valuable asset globally — gets a seat on the board. Adam Presser, who was TikTok’s head of operations, trust and safety, will now helm the American venture as CEO.