TikTok CEO Shou Zi Chew announced in an internal letter that TikTok and ByteDance have signed an agreement with Oracle, Silver Lake, and MGX to establish a new joint venture called 'TikTok U.S. Data Security LLC,' which will be responsible for U.S. user data security, content moderation, and other operations. The back-and-forth over TikTok's U.S. operations has been going on for years, and it’s finally settled. This news even boosted Oracle's stock price after hours.