Trump, ByteDance Claim TikTok Deal Approved-Official Details Still Pending
▼ Summary
– President Trump announced that China’s President Xi approved the TikTok deal, which would transfer control to a U.S. investor consortium.
– ByteDance stated it would ensure TikTok remains available to American users through a U.S.-based entity.
– The deal follows a TikTok ban in January over security concerns, which was delayed due to user backlash.
– U.S. investors, including Oracle and Silver Lake, will hold an 80% stake, with a U.S.-majority board including a government-appointed member.
– Trump confirmed the approval during a call with Xi and hinted at further discussions, while both sides publicly acknowledged the agreement.
President Trump announced on Friday that a proposed deal for TikTok, potentially placing the popular video platform under the control of a U.S.-led investor group, has received approval from Chinese President Xi Jinping. ByteDance, the Chinese parent company of TikTok, released a public statement confirming its commitment to keeping the app operational for American users under a new U.S.-based entity. Specific terms of the arrangement, however, have not yet been disclosed.
The announcement follows months of negotiations between the two nations aimed at resolving concerns over national security that initially led to a U.S. ban on the app earlier this year. That prohibition was delayed several times due to significant public opposition from both users and content creators.
Earlier this week, President Trump suggested on his Truth Social platform that an agreement was near completion and that the identity of the acquiring party would soon be made public. According to a Wall Street Journal report, a consortium of American firms, including Oracle, Silver Lake, and Andreessen Horowitz, is expected to acquire an 80 percent stake in TikTok’s U.S. operations. Chinese investors would retain the remaining ownership. The newly formed company’s board is anticipated to be predominantly composed of U.S. representatives, with one director selected directly by the U.S. government.
In a post on Truth Social, Trump characterized his discussion with President Xi as productive and expressed appreciation for the cooperation regarding TikTok. He indicated that further dialogue between the two leaders is planned.
A spokesperson for ByteDance echoed the sentiment, expressing gratitude to both presidents for their roles in facilitating a solution that allows TikTok to continue serving its American audience in compliance with relevant regulations.
(Source: TechCrunch)
