"On Monday, White House spokesperson Karoline Leavitt confirmed that the US is endorsing a bid from a consortium of majority US investors who will own and operate TikTok in the US. President Donald Trump told Fox News on Sunday that a slew of billionaires are expected to be involved in the deal, including Oracle's Larry Ellison, Michael Dell, and, potentially, the Murdochs."
"TikTok came up for sale this year due to a divest-or-ban law that passed in 2024 and required ByteDance to separate from its US app. ByteDance was founded in China, a country the US has deemed a foreign adversary. US lawmakers have worried that TikTok could be compelled to share US user data with the Chinese Communist Party, or that it's algorithm could be wielded for CCP propaganda."
Majority-US investors are set to buy TikTok's US assets, with Oracle providing data and security services and overseeing a US-based, carved-off version of TikTok's algorithm. Oracle will retrain and operate the algorithm within the United States, outside ByteDance's control. The sale responds to a 2024 divest-or-ban law requiring ByteDance to separate from the US app amid concerns that Chinese ownership could lead to compelled data access or propaganda influence. US users will continue to see global videos and vice versa after the sale. High-profile investors reportedly include Larry Ellison and Michael Dell, and negotiations involved discussions between US and Chinese leaders.
Read at Business Insider
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