Talk of a long-awaited deal for TikTok’s future in the United States intensified over the weekend, with Donald Trump naming high-profile investors expected to back a spin-off of the video app.
The president told Fox News that Lachlan Murdoch, chief executive of Fox Corporation, and his father Rupert were “probably” among those joining the consortium.
He also pointed to Oracle’s Larry Ellison and Dell Technologies chief Michael Dell as likely participants.
The White House said terms have been settled, but the agreement is yet to be signed.
Press Secretary Karoline Leavitt confirmed the new business would be majority American-owned, with six of seven board seats held by US citizens and control of the algorithm also shifting stateside.
According to Bloomberg, Oracle, Andreessen Horowitz and Silver Lake will take stakes, while ByteDance will hold under 20%.
The restructuring follows legislation threatening to ban TikTok earlier this year.