President Donald Trump said a deal has been reached with China to keep TikTok operating in the United States. He plans to speak with President Xi on Friday to confirm the arrangement.
The social app had faced a shutdown unless its US business was sold, but the White House has repeatedly delayed the ban. The deadline is now extended to December 16 while final terms are completed.
US investors to control a new TikTok entity and board
According to reports, TikTok’s US business would shift into a new company controlled by an investor group that includes Oracle, Silver Lake, and Andreessen Horowitz.
US investors would hold about 80 percent of the equity. Americans would dominate the board, with one seat chosen by the US government.
Oracle would continue to host TikTok’s US servers, addressing long-standing concerns from lawmakers about data leaving the country.
Licensing plan covers algorithms and intellectual property use
The plan under discussion would move US users to a new app now in testing. Its content-recommendation system would use technology licensed from ByteDance.
Chinese officials said any export or licensing of algorithms and other intellectual property will be reviewed under Chinese law.
A US trade team also announced a broader framework with Beijing amid ongoing talks, while China said it will not accept steps that harm its firms.
Law, courts, and new deadline shape the path forward
The US Supreme Court earlier upheld a law that bans TikTok unless its Chinese parent sells the US arm.
The Justice Department has called the app a national security risk because of access to American user data. ByteDance disputes that claim and says its US operations are separate.
TikTok briefly went dark in January before bans were delayed.
The deadline has been pushed back four times. The Trump administration says a buyer will be named soon.
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