India, Jan. 23 -- TikTok's Chinese owner, ByteDance, has effectively transferred ownership of a portion of TikTok's US operations to a majority-American consortium of investors.

The framework names Oracle Corporation, Silver Lake Management LLC and Abu Dhabi-based investment firm MGX as primary companies in the new venture. According to TikTok, the list also includes other companies and Michael Dell's personal investment company, the tech billionaire who founded Dell Technologies. ByteDance will retain a non-controlling stake of approximately 19.9 per cent.

The deal ensures that the app will continue operating in the U.S. while addressing years-long U.S. national security concerns about data privacy and potential foreign influence.

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