President Donald Trump is set to sign a deal allowing TikTok’s U.S. operations to be run by a new joint-venture company, with ByteDance, the Chinese-based owner, retaining less than 20% of the stock.

The agreement, finalized between U.S. and Chinese officials, aims to comply with a 2024 bipartisan law that would have banned TikTok without U.S.-based ownership.

American user data will be stored domestically and managed by Oracle, with the platform’s algorithm retrained and monitored to prevent outside manipulation.

The deal also establishes a board with six seats for American investors, including figures like Larry Ellison, Michael Dell, and members of the Murdoch family, NBC News has reported.

Trump emphasized that the deal would protect U.S. national security while keeping TikTok accessible to its 170 million U.S. users.