White House Announces Agreement for TikTok’s U.S. Operations Under American Ownership
White House Press Secretary Karoline Leavitt made an appearance on Fox News today, revealing that a significant agreement has been reached regarding the future of TikTok’s U.S. operations. Leavitt disclosed that although the deal has not yet been signed, it entails the spin out of TikTok’s U.S. operations under majority American ownership.
According to Leavitt, the restructured TikTok will have Americans holding six out of seven board seats. Additionally, the algorithm of the popular short-form video app will be under U.S. control, as reported by Bloomberg.
Leavitt expressed confidence in the agreement, stating, “So all of those details have already been agreed upon, now we just need this deal to be signed and that will be happening, I anticipate, in the coming days.”
Bloomberg also revealed that new investors in TikTok will include tech giant Oracle, venture capital firm Andreessen Horowitz, and private equity firm Silver Lake Management. Oracle will take charge of the app’s security and safety measures. It is anticipated that the current owner, ByteDance, will retain less than 20% ownership in the spun-off company.
President Donald Trump, who has been vocal about his concerns regarding TikTok’s ownership, had previously extended the deadline for the sale of the app to new owners. In a recent development, Trump announced that China’s President Xi Jinping has given his approval for the deal, as reported by The New York Times.
