TikTok’s U.S.. operations will be housed in a new U.S. joint venture named TikTok USDS Joint Venture LLC, according to a memo sent to employees by TikTok CEO Shou Zi Chew.

Chew said in the memo, obtained by CNBC, that the company has “signed agreements” with the three managing investors Oracle Corporation, Silver Lake, and Abu Dhabi-based MGX as part of the new joint venture.

Under national security law, which the Supreme Court upheld in January, China-based ByteDance was required to divest TikTok’s U.S. operations or face an effective ban in the country.

The TikTok chief pointed to President Donald Trump’s September executive order approving a proposed deal that would keep TikTok operational in the U.S. by meeting the requirements of a national security law originally signed by former President Joe Biden.

As part of the agreements, Chew noted that the new TikTok joint venture would be “majority owned by American investors, governed by a new seven-member majority-American board of directors, and subject to terms that protect Americans’ data and U.S. national security.”

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