ByteDance Ltd. is on track for profits of roughly $50 billion in 2025, capping a record year for a Chinese social media leader making major inroads into e-commerce and new markets.The Beijing-based parent company of TikTok is on track to hit that milestone after amassing net income of about $40 billion over the year’s first three quarters,

In a memo to staff reviewed by Reuters, TikTok CEO Shou Zi Chew confirmed that all US data “will be stored in a trusted and secure cloud environment in the United States run by Oracle,” with Oracle ultimately responsible for safeguarding US data.

TikTok announced a deal to sell its U.S. assets to a group of three companies. One of them was co-founded by this Florida billionaire.

The deal comes more than a year after Congress passed a law that forced its owner ByteDance to divest its US operations or face a ban.

TikTok has finalized a deal with new US owners including Oracle, MGX, and Silver Lake. However, these investors will not have significant control over key business areas, according to an internal memo.

ByteDance, the Beijing-based TikTok owner, has increased salaries and bonuses to retain and attract global talent amidst a competitive AI industry.

TikTok's new US joint venture will hand over national-security related tasks to its partners, while ByteDance holds onto key business lines.

ByteDance has formed a joint venture for TikTok's U.S. operations. This move aims to avoid a U.S. ban and ease tensions. However, the ownership of TikTok's crucial recommendation algorithm is still unclear.