TikTok CEO Shou Chew on Thursday told employees of the social media app that its owner, China’s ByteDance, has signed binding agreements to create a new joint venture for the app in the United States, as previously agreed in a deal with the Trump administration.

That deal means that the U.S. version of TikTok will become majority-owned by American investors, according to a memo obtained by NBC News.

The investors include American tech giant Oracle, California-based private equity fund Silver Lake and UAE investment firm MGX.

Those investors did not immediately respond to requests for comment.

As part of the deal, TikTok U.S. will also be overseen by a “new seven-member majority-American board of directors,” Chew said.

“The U.S. joint venture will be responsible for U.S. data protection, algorithm security, content moderation, and software assurance,” Chew writes in his memo. “It will also have the exclusive right and authority to provide assurances that content, software, and data for American users is secure.”

In September, Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng reached a “framework” deal to clear the way for American investors to take control of the U.S. version of the app.

Under a bipartisan law passed by Congress in 2024, ByteDance was required to divest majority ownership of the U.S. version of the app, or face a ban initially set to go into effect in January of this year.

The Trump administration repeatedly delayed the implementation of that law, however, until it cound hammer out the contours of an agreement with China. Trump ordered that “the Attorney General shall not take any action on behalf of the United States to enforce the Act for 120 days.”

That latest timeline ends on January 23. In the memo Thursday, TikTok’s CEO says the agreement will close one day before the deadline.

Oracle, one of the largest investors in the joint venture, is controlled by tech billionaire Larry Ellison. His son, David, recently acquired Paramount Global with approval from the Trump administration. David Ellison is now seeking to buy Warner Bros. Discovery via a hostile bid, for more than $108 billion.

Oracle has been a darling of the AI boom, ballooning Larry Ellison’s fortune to more than $230 billion, according to Bloomberg Billionaires.

This is a developing story. Please check back for updates.