The Trump administration is touting a deal that will prevent the popular social media app TikTok from going dark, while wrestling it from Chinese control.
President Donald Trump is expected to sign an executive order this week that will give U.S. investors and China-based ByteDance 120 more days to seek necessary regulatory approvals and close a deal.
Here is what to know:
New Joint Venture Will Be Majority US-owned
Senior White House officials confirmed on Sept. 22 that U.S. cloud company Oracle will be among the investors, as well as private equity firm Silver Lake.
Speaking to Fox News on Sept. 22, the president said media moguls Lachlan Murdoch and Rupert Murdoch will likely have a role, as well as Michael Dell, founder of Dell Technologies, and Oracle cofounder Larry Ellison. He said all of the new would-be investors are “patriotic” Americans….
Trump to Approve TikTok Deal Giving US Ownership: What to Know
