TikTok may have avoided the guillotine for now. The platform, boasting 2 billion users worldwide, will remain online in the United States after its Chinese parent, ByteDance, agreed to hand control of the app’s U.S. business to an American-led group of investors, Axios reported on Thursday night. The deal is designed to defuse Washington’s long-running national security concerns while stopping short of a full break-up. Under the proposed structure, ByteDance would reduce its ownership to just under 20% ...

TikTok reached a deal with a group of investors to form a new joint venture for its US business, according to an internal memo viewed by Business Insider. The deal comes more than a year after Congress passed a law that forced its owner, ByteDance, to divest from its US operations or face a ban, because TikTok was deemed a "foreign adversary-controlled" company.The new US joint venture will operate independently in areas like US data protection and training its content recommendation algorithm while still ...