Donald Trump says the US is close to striking a deal that would prevent TikTok from being banned - though, as always, the fine print is far from settled.
Speaking aboard Air Force One, the president said a group of American investors is nearing an agreement to buy a controlling stake in TikTok’s American operations from its Chinese parent, ByteDance.
The plan would give 50% ownership to new outside investors, with ByteDance’s stake dropping just below 20% to comply with a divestment law passed last year.
The proposal under review includes Oracle, Blackstone, and venture capital firm Andreessen Horowitz.
Oracle is also expected to provide data security oversight.
The catch? ByteDance would retain TikTok’s algorithm (the powerful software behind its content feed) and license it to the new US company.
Trump added that China may seek tariff relief in exchange for blessing the deal, a concession he’s open to.