Trump's TikTok deal will give control to a group of US investors, report says
The article reports that the US government is finalizing a deal to "save" TikTok's US operations. Under the proposed arrangement, a group of US investors, including Oracle, Andreessen Horowitz, and Silver Lake, will own a majority 80% stake in the new "American-dominated" TikTok entity. The Chinese shareholders will have a minority stake of less than 20%. The US government will also get to choose one board member. TikTok engineers will recreate the app's algorithm for the new US version, which will be licensed from ByteDance. Oracle will oversee US user data. Despite the progress, the final deal is yet to be signed, and President Trump has extended the deadline for banning the current TikTok app in the US for the fourth time.
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