The White House Press Secretary Karoline Leavitt announced in a statement to Fox News that an agreement has been reached to restructure TikTok’s operations in the US under American ownership, but it has not yet been signed.
The status of TikTok in the US has been a subject of debate
According to Leavitt, Bloomberg, in the new structure, Americans will hold six of the seven seats on TikTok’s board of directors, and the application’s algorithm will be under US control. “All these details have been agreed upon, now only the signing remains. I expect this to happen in the coming days,” she said.
According to Bloomberg, among the new investors will be Oracle, Andreessen Horowitz, and Silver Lake Management. Oracle will be responsible for security and user safety issues related to TikTok. The current owner, ByteDance, will own less than 20% of the new company.
President Donald Trump had extended the deadline several times for a law that would ban TikTok in the US if it is not sold. Trump also said that Chinese President Xi Jinping approved the deal.
