The owner of TikTok has agreed to create a joint venture that will make the popular social media app majority-owned by American investors.

ByteDance and TikTok have signed "binding agreements" with three managing investors: Oracle Corporation, Silver Lake and Abu Dhabi-based MGX, to form a new TikTok U.S. joint venture named TikTok USDS Joint Venture LLC,

ByteDance, TikTok's owner, has reached an agreement with major investors to form a joint venture for operating TikTok in the U.S., aiming to prevent a government ban. The deal involves investors like Oracle and Silver Lake,

The deal means that TikTok, the fast-growing social video platform that upended the strategies of competitors like YouTube and Meta Platforms Inc., will have a new joint venture owner in the U.S.: TikTok USDS Joint Venture LLC.

ByteDance tops rivals Meituan and Alibaba in recruitments this year, according to professional social networking platform Maimai.