TikTok signs deal to sell US unit to American investor-led venture

The deal marks a major step toward ending years of uncertainty over the app’s future in the United States, dating back to August 2020 when then President Donald Trump first sought to ban it.

TikTok’s Chinese owner, ByteDance, signed binding agreements with three major investors to sell just over 80% of the company’s US assets to American and global investors to avoid a US. government ban, TikTok CEO Shou Zi Chew told employees on Thursday.