Last year, it was announced that TikTok's American operations would now be run by a company with majority American ownership. The new structure is a response to a law that forced Chinese company ByteDance to sell parts of its U.S. operations - or risk a ban in its largest market.
Early Friday, local time in Sweden, it was announced that a joint venture has now been created, which includes ByteDance, cloud services giant Oracle and investment firms Silver Lake and MGX. The parties signed a binding agreement to implement the collaboration back in December.
ByteDance's ownership stake in the U.S. is now 19.9 percent, according to the AFP news agency.
U.S. President Donald Trump congratulated himself on the new ownership solution for TikTok. At the same time, the law that forced a sale was passed under his predecessor, Joe Biden.
"I'm so glad I helped save TikTok," Donald Trump wrote on Truth Social.
The U.S. president also addressed his Chinese counterpart.
"I also want to thank President Xi of China for working with us and ultimately approving the deal," Trump wrote in the same post.
The U.S. part of TikTok has around 200 million users.
