White House offers more details about potential TikTok deal

In a significant development regarding TikTok's future in the United States, White House Press Secretary Karoline Leavitt shared that an agreement has been reached concerning the app's operations, although it has yet to be signed. During her appearance on Fox News, Leavitt confirmed that the restructuring would enable TikTok's U.S. functions to operate under predominantly American ownership. According to Leavitt, Americans will fill six out of seven board positions in the revamped TikTok, which is set to have its algorithm managed within the United States. "All of those details have already been agreed upon; now we just need this deal to be signed, which I anticipate will happen in the coming days," she stated. Furthermore, reports from Bloomberg indicate that new investors stepping in will include tech giant Oracle, venture capital firm Andreessen Horowitz, and private equity firm Silver Lake Management. Notably, Oracle will be tasked with overseeing the app's security and safety measures. Current owner ByteDance is expected to retain a minority stake, owning less than 20% of the newly established entity. This move comes in the wake of repeated extensions by President Donald Trump on a deadline for a U.S. bill that mandates the sale of TikTok to new owners, should it fail to meet the requirements. Trump also mentioned that Chinese President Xi Jinping has given his approval for the deal to move forward.