https://techcrunch.com/2020/08/01/bytedance-and-microsoft-offer-a-deal-to-allow-tiktok-to-remain-in-the-u-s-per-report/

China’s ByteDance has agreed to divest its TikTok operations in the US, according to a report in Reuters. Under the deal, Microsoft would take over stewardship of the data of U.S.-based users. The deal allows another company besides Microsoft to operate TikTok in the United States. This would allow the service to continue to operate in the United States, sidestepping the alleged executive order threatened by President Trump.

Allegedly, ByteDance had previously sought a deal that would allow the company to retain a minority stake in the company. That plan was apparently recently abandoned after the White House rejected the proposal.