A deal has reportedly been reached between the United States and China to keep TikTok operating in the US, according to Donald Trump.
Last year, Joe Biden signed legislation that would ban the Chinese-owned app from the US unless ByteDance ceased its American operations to a US-based company.
Since returning to the White House, Trump has repeatedly delayed the law’s implementation and now claims that a deal has been negotiated between the two countries.
“We have a deal on TikTok. I’ve reached a deal with China, and I’m going to speak to President Xi Jinping on Friday to confirm everything,” he said while leaving the White House for a state visit to the United Kingdom.
The Wall Street Journal reports that the agreement would place TikTok’s US operations under a consortium of companies including Oracle, Silver Lake, and Andreessen Horowitz.
This entity would hold 80% of the shares, and the majority of the executive board would be American, with one member directly appointed by the US government.
