New Delhi, Jan. 23 -- Video sharing platform TikTok, which has around 200 million users in the United States, is set to commence process to transfer control of its American unit in compliance with the deal signed with the Trump administration.

As per a Bloomberg report, TikTok and its Chinese parent ByteDance on 22 January closed a long-awaited joint venture to transfer parts of TikTok US to new owners, including US software giant Oracle Corp., private equity firm Silver Lake Management LLC, and Abu Dhabi-based investment company MGX.

Under the deal, ByteDance will lease a copy of its content algorithm to the US entity, which will allow it to retrain the new algorithm on US user data, it said.

The sale would culminate years-long back-a...