TikTok parent ByteDance has set up a new U.S. entity, ending a political controversy that has lasted six years.

TikTok has formed a joint venture, TikTok USDS Joint Venture LLC, with non-Chinese investors to continue operating in the United States, TechCrunch reported on Thursday.

Adam Presser (애덤 프레서), former head of TikTok Operations, Trust and Safety, was appointed CEO of the new entity, and TikTok CEO Shou Zi Chew (쇼우 치우) will serve on its board. Oracle, private equity firm Silver Lake and Abu Dhabi-based investment firm MGX each secured 15 percent stakes. An investment firm of the Michael Dell family and some small investors also joined.

TikTok said it will put in place strong safeguards to protect U.S. users, including data security, algorithm safety, content censorship and software assurance. The entity will run as an independent operating system managed by a seven-member board. In addition to Chew, the board includes Timothy Dattels of TPG Global, Mark Dooley of Susquehanna International Group, Silver Lake co-CEO Egon Durban, DXC Technology CEO Raul Fernandez, Oracle's Kenneth Glueck and MGX's David Scott.

U.S. President Donald Trump said on social media platform Truth Social that TikTok has now become an entity owned by great American patriots and investors. He said it will become a strong American voice, not a Chinese Communist Party propaganda tool.