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,

In a memo to staff reviewed by Reuters, TikTok CEO Shou Zi Chew confirmed that all US data “will be stored in a trusted and secure cloud environment in the United States run by Oracle,” with Oracle ultimately responsible for safeguarding US data.

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.

TikTok has finalized a deal with new US owners including Oracle, MGX, and Silver Lake. However, these investors will not have significant control over key business areas, according to an internal memo.

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.

TikTok's new US joint venture will hand over national-security related tasks to its partners, while ByteDance holds onto key business lines.

TikTok announced a deal to sell its U.S. assets to a group of three companies. One of them was co-founded by this Florida billionaire.

The content recommendation algorithm that powers the online short video platform TikTok has once again come under the spotlight after the app's Chinese owner ByteDance signed binding agreements to form a joint venture that will hand control of operations of TikTok's U.

A proposed deal involving TikTok’s US operations could assist the Byte-Dance owned platforms avoid a nationwide ban; however, numerous details remain under wraps.ByteDance announced some deals that would give maximum control