TikTok finalized a deal to sell enough of its U.S. business to satisfy the divest-or-ban law, following earlier binding agreements to transfer control of U.S. operations to a U.S. joint venture.CEO Shou Zi Chew said in a memo that the new entity, TikTok USDS Joint Venture LLC, will be 50 percent owned by a consortium including Oracle, Silver Lake and MGX, 30.1 percent by affiliates of existing ByteDance investors and 19.9 percent by ByteDance, will have a seven-member majority-American board, and will store sensitive U.S. user data in an Oracle trusted cloud while retraining the recommendation algorithm on U.S. data.The company said more than 170 million Americans should see no change to their experience, but the transaction—negotiated under Executive Orders signed by Donald Trump and after TikTok briefly went offline earlier this year—still needs additional legal, regulatory and diplomatic approvals and will face close scrutiny from lawmakers including Representative John Moolenaar.