TikTok's Chinese owner, ByteDance, has signed agreements to sell most of its US business. This was confirmed by TikTok CEO Shou Zi Chew in a memo to employees on Thursday. Half of the new joint venture will be owned by investors such as Oracle, Silver Lake, and Emirati firm MGX. The deal is scheduled to close on January 22, ending years of US government pressure over national security worries. According to the memo, ByteDance will keep 19.9% of the US business. Oracle, Silver Lake, and MGX will each hold 15%, while 30.1% will belong to ByteDance investors' affiliates. The White House said Oracle, co-founded by Trump supporter Larry Ellison, will license TikTok's algorithm. This agreement follows a law passed in April 2024 under President Biden to ban TikTok unless it was sold. The law's enforcement was delayed multiple times, including under Donald Trump’s administration. Trump stated in September that China's President Xi Jinping had approved the deal during a phone call. TikTok said this deal will allow "over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community." The White House did not comment directly, and Oracle declined to comment when contacted.