ByteDance Signs Deal to Hand Majority of TikTok US to American and Global Investors. TikTok’s Chinese parent company ByteDance has signed binding agreements to sell a majority stake in TikTok's US business to American and global investors, according to a memo sent to employees by CEO Shou Zi Chew. Under the deal, set to close on 22 January, a new joint venture will see investors including Oracle, Silver Lake and Abu Dhabi-based MGX collectively take control of 50% of the company. ByteDance will retain a 19.9% stake, with the rest held by existing investors' affiliates. The agreement aims to end years of political and regulatory pressure from Washington over national security concerns. It follows a plan first outlined last September, after President Donald Trump delayed enforcement of a law that would have banned TikTok unless it was sold. TikTok says the deal will allow its 170 million US users to stay on the platform, but critics warn it may still fall short of fully protecting American user data.