White House reveals TikTok agreement details

An agreement has been reached, but not signed, to spin out TikTok’s U.S. operations under majority American ownership. Americans will hold six of seven board seats, and the app’s algorithm will be U.S.-controlled. New investors include Oracle, Andreessen Horowitz, and Silver Lake Management, with ByteDance owning less than 20%.

President Trump extended the deadline for a U.S. bill banning TikTok unless sold to new owners. China’s president Xi Jinping approved the deal, allowing Oracle to handle the app’s security and safety. The deal is expected to be signed in the coming days, with Americans controlling the majority of the restructured TikTok.