The U.S. TikTok deal is official. Here’s what we know.

An internal memo sent to TikTok employees has confirmed a rumor that has been swirling for months: ByteDance is about to sell the U.S. version of its social video app to a White House-approved ownership group.

In the memo, which was viewed by Axios, TikTok CEO Shou Zi Chew told his staff that TikTok U.S. will be sold to a consortium led by tech company Oracle, private equity firm Silver Lake, and Emerati-backed investors at MGX. The deal still needs to be officially rubber-stamped by the Chinese government (more on that in a bit), but Chew wrote that the deal is expected to close on January 22, 2026.

If ByteDance and the U.S. government can shake hands by that date, they will end a year-long regulatory saga that left TikTok’s Stateside operating status hanging in the balance. One of President Trump’s first actions after retaking the Oval Office was a stay on the law that would have forced TikTok to choose between a divestment and a federal ban. Trump’s negotiations with China took longer than expected, necessitating additional delays that tested the constitutional bounds of the President’s power.

By September, however, Trump claimed that the deal with ByteDance was essentially complete. Reports claimed that the U.S. ownership group would license TikTok’s technology to create a new recommendation algorithm for the spun-off app. Meanwhile, TikTok users questioned how the upcoming schism would affect their ability to watch American creators.

There are plenty of questions that won’t be answered until the new version of TikTok U.S. launches, but the internal memo outlined the ownership structure that will govern the new app. Oracle will serve as the shepherd for the U.S. user data, fulfilling the role it has sought since the days of Project Texas

. Oracle, Silver Lake, and MGX will collectively own 45% of the new company, Axios reported.

The price tag for the deal — $14 billion — has drawn scrutiny. Critics have wondered how an app that generates billions in revenue could sell for such a lowball number.

The memo also gives us some potential answers to that question. ByteDance will retain ownership of nearly 20% of the new business, with “affiliates of existing ByteDance investors” claiming close to one-third of the company. An important wrinkle is that “TikTok global’s U.S. entities will manage global product interoperability and certain commercial activities, including e-commerce, advertising, and marketing.” Translation: ByteDance will still have access to TikTok’s ballooning ecommerce revenue.

Access to the app’s algorithmic recommendations and moderation tools seems to be the top priority for the U.S. ownership group. They will get the measure of cultural control they want without having to overpay for it, and the rest of us can be free from a regulatory battle that has seemed as if it will never end.

The last major hurdle is the Chinese government. Officials in Beijing previously indicated they would support ByteDance’s negotiations, but geopolitical friction has become an existential threat for the deal. If Trump wants to be known as the President who saved TikTok, he’ll need to be on his best behavior before January 22.