ByteDance Ltd. is on track for profits of roughly $50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets.The Beijing-based parent company of TikTok is on track to hit that milestone after amassing net income of about $40 billion over the year’s first three quarters,

The deal comes more than a year after Congress passed a law that forced its owner ByteDance to divest its US operations or face a ban.

A new U.S.-based joint venture would keep TikTok online while handing oversight of its algorithm and data security to some of America’s wealthiest investors.

ByteDance has signed agreements to transfer control of TikTok's U.S. operations to investors like Oracle, avoiding a potential U.S. ban. The new venture, valued at $14 billion, will see Oracle, Silver Lake,

Oracle, Silver Lake, and Abu Dhabi’s state-owned investment firm MGX each plan to take a 15% stake. ByteDance will retain 19.9%.

A billionaire investor keen on buying TikTok's US operations has told the BBC he has been left in limbo as the latest deadline for the app's sale looms. The US has repeatedly delayed the date by which the platform's Chinese owner, ByteDance, must sell or be blocked for American users.

ByteDance tops rivals Meituan and Alibaba in recruitments this year, according to professional social networking platform Maimai.