After six years, a new law, and a Supreme Court fight, ByteDance’s Project Texas may have won out after all. On Thursday, TikTok parent company ByteDance announced to its staff that it had signed an agreement to sell a portion of TikTok — known as United States Data Services — to a group of mostly U.S.-based investors.

On the first TikTok Awards red carpet, attendees shared their concerns about the app following the agreement on the TikTok U.S. joint venture.

The content recommendation algorithm that powers the online short video platform TikTok has once again come under the spotlight after the app's Chinese owner ByteDance signed binding agreements to form a joint venture that will hand control of operations of TikTok's U.

TikTok agrees to place U.S. operations under a new investor-controlled entity, with ByteDance retaining a minority stake.

The details are still emerging and the deal is not completely final. There are also still lingering questions about whether TikTok users are going to accept the final app.

Since October, there has been no formal word on a deal between the Trump administration and China over the app.