ByteDance thanked Presidents Xi and Trump on Friday, signaling that TikTok will soon spin off a U.S. version. Here's who's said to be involved in the deal, and how much of the venture will still be controlled by China.

On Friday, a spokesperson for ByteDance, the owner of TikTok, issued a short public statement.

We thank President Xi Jinping and President Donald J. Trump for their efforts to preserve TikTok in the United States. ByteDance will work in accordance with applicable laws to ensure TikTok remains available to American users through TikTok U.S.

While it's still not official, it seems the statement suggests that the sale is nearing completion. President Trump has already confirmed that the deal has been completed on Truth Social, but he has a history of declaring deals finalized before they actually are.

Once completed, a new version of TikTok, tentatively called TikTok U.S., will need to be built. It is expected to look and function exactly like the current version of TikTok.

According to multiple sources all citing people familiar with the matter, American investors will control 80 percent of TikTok U.S. The remaining 20 percent will be controlled by ByteDance and other unnamed Chinese firms.

Trump supporters and friends Marc Andreessen and Larry Ellison are expected to be key parts of the deal on the U.S. side. It's not clear if Andreessen Horowitz or Oracle, respectively, are going to be involved in the deal.

According to The Washington Post users within the U.S. will need to download the new app. However, its sources have stated that users' account data will not change, and they will still be able to view and share content globally.

A brief history lesson

TikTok's fate had been murky since mid-2020, when the Trump administration had planned to ban the app unless the company divested to a US buyer.

For nearly all of the Biden administration, it seemed as though the ban was off the table. Then, in April 2024, Biden signed a law requiring ByteDance to divest TikTok ownership to a US buyer within nine months.

Days before the ban was set to take effect, and after using the platform for campaigning, then President-Elect Trump promised Americans TikTok would continue operating in the US.

Trump had delayed a TikTok ban multiple times, each time citing that it was because the administration was "in talks" with China.

In July, a new version of TikTok was allegedly being built ahead of the sale. While that may be true, "TikTok U.S." likely won't roll out until early 2026.