The yearslong saga over the future of TikTok’s American operations has finally reached a conclusion. The social media platform said on Jan. 23 that its US arm has been bought by a consortium led by Oracle Corp.

A new entity has been created that will allow ByteDance to sell a majority stake in the U.S. operations of TikTok to a group of investors outside of China, according to new reports from the New York Times and Bloomberg.

A number of investors are competing for the opportunity to purchase the app, and if a deal were to go through, the platform's U.S. business could have its valuation soar to upward of $60 billion. As TikTok's future remains uncertain,

TikTok and parent ByteDance have formed a joint venture to transfer parts of TikTok's US business to non-Chinese owners, ensuring the app's future in the US. This deal was initiated to address national security concerns and avoid a ban on the platform.

Dave Lee is Bloomberg Opinion's US technology columnist. He was previously a correspondent for the Financial Times and BBC News. As TikTok dances go, this tango has lasted much longer than a typical trend on the viral video app. It has now been 512 days ...

TikTok CEO Shou Chew has announced that parent company ByteDance (BNDCE) has signed binding agreements to create a U.S. joint venture that will be majority-owned by American investors, Bloomberg reported. In an internal memo to employees, Chew said he was ...