TikTok signs deal to form new U.S. joint venture, investors

TikTok has signed binding agreements with three major investors to form a new TikTok U.S. joint venture, ensuring the company can continue operating in the United States, according to an internal memo sent to employees by CEO Shou Zi Chew on Thursday.

The deal is a major step toward resolving years of uncertainty about the app's future in the U.S. since August 2020. TikTok said the agreement will allow "over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community." The new entity will be responsible for U.S. data protection, algorithm security, content moderation and software assurance.