NEW YORK, September 16. /TASS/. The deal governing the operation of Chinese social media platform TikTok in the United States will involve the creation of a new US-based company with an estimated valuation of $50 bln, which will oversee the platform’s services for US users, The New York Post (NYP) reported.

According to the newspaper, the principal shareholders of the new company will be billionaire Jeff Yass, a supporter of US President Donald Trump, and Bill Ford, head of the investment firm General Atlantic. ByteDance, the Chinese parent company of TikTok, will hold a 19.9% stake in the new enterprise.

US Treasury Secretary Scott Bessent previously stated that President Donald Trump and Chinese President Xi Jinping are scheduled to finalize the terms of the deal concerning TikTok’s continued operations in the United States during a phone call on September 19.