White House Press Secretary Announces Potential TikTok Deal
White House Press Secretary Karoline Leavitt made an appearance on Fox News today to discuss the latest developments regarding TikTok’s U.S. operations. According to Leavitt, an agreement has been reached, although it has not yet been signed. The deal would involve spinning out TikTok’s U.S. operations under majority American ownership.
Leavitt revealed that Americans are set to hold six out of seven board seats in the restructured TikTok. Additionally, the algorithm of the popular short-form video app will be under U.S. control, as reported by Bloomberg.
Key Details of the Deal
During her interview, Leavitt emphasized that all essential details of the agreement have been finalized. The only remaining step is to officially sign the deal, which is expected to take place in the coming days.
According to Bloomberg, new investors in TikTok will include tech giants Oracle, venture capital firm Andreessen Horowitz, and private equity firm Silver Lake Management. Oracle will be responsible for ensuring the security and safety of the app under the new ownership structure. As part of the deal, current owner ByteDance is expected to retain less than 20% ownership in the spun-off company.
President Trump’s Involvement
President Donald Trump has been closely monitoring the TikTok situation, repeatedly extending the deadline for the app to be sold to new owners. On Friday, Trump announced that Chinese President Xi Jinping had given his approval for the deal to proceed, signaling a significant step forward in the negotiations.
As the final details are ironed out and the deal is set to be signed, the future of TikTok’s U.S. operations looks to be in the hands of American investors and under the control of U.S. authorities.