The United States and China have finalized a deal for TikTok’s U.S. operations, as confirmed by Treasury Secretary Scott Bessent. Bessent revealed that a ‘final deal on TikTok’ has been reached, building upon a prior agreement established during talks in Madrid. President Donald Trump’s executive order has paved the way for this transaction. The details of the deal are set to be announced by the two leaders on Thursday in Korea.
According to the agreement, TikTok’s U.S. operations, including its recommendation algorithm and source code, will transition to a new board of directors overseen by Oracle. Oracle, Fox Corp, Andreessen Horowitz, and Silver Lake Management are reportedly involved in this joint venture, with Fox’s participation acknowledged by Trump.
This development comes amid Trump’s repeated extensions of the deadline compelling ByteDance, TikTok’s parent company, to divest the app to avoid a U.S. ban. The finalized deal signifies a significant step towards resolving the TikTok saga between the U.S. and China.
Source: TechCrunch