TikTok will continue operating in the US

TikTok has finalized a deal to create a new American entity, averting the imminent threat of a US ban that has been under discussion for years on the platform now used by more than 200 million Americans.

The company signed deals with major investors, including Oracle, Silver Lake and UAE investment firm MGX, to form the new TikTok joint venture in the US.

The new version will work according to "mestablished safeguards that protect national security through comprehensive data protections, algorithm security, content moderation, and software assurances for American users"," the company said in a statement.

American TikTok users can continue to use the same app.

President Donald Trump praised the agreement, especially thanking Chinese leader Xi Jinping. "for cooperation and, ultimately, approval of the agreement."

Trump added that he hopes ""so that in the future those who use and love TikTok will remember it."

Adam Presser, who previously worked as director of operations and trust and safety at TikTok, will lead the new venture as its CEO.

He will work alongside a seven-member, American-majority board of directors, which includes TikTok CEO Shou Chew.

Otherwise, the agreement ends years of uncertainty about the fate of the popular video-sharing platform in the US.