TikTok establishes new U.S. entity
(CNN, KYMA) - The U.S. and TikTok's Chinese parent company, Bytedance, have officially finalized a deal that spins off the app's U.S. assets to a group of American investors.
The transaction's close wraps-up a long process that began with President Donald Trump in his first term. At the time, he vowed to ban the app over national security concerns.
Thursday's announcement comes just one day before the deadline President Trump gave to finalize the deal, which TikTok signed last month.
American users likely won't notice a visible difference under the new entity's ownership.
However, the algorithm that determines what videos that show up in their feed may shift as the ownership group takes control.
