President Donald Trump is expected to approve a deal that grants American investors majority control of TikTok and its user data, allowing the platform to remain in a cloud-based system within the United States.
The deal will abide by the parameters established by the law passed by Congress and upheld by the Supreme Court.
Oracle will control the TikTok algorithm, provide security, and manage the cloud.
China-based ByteDance, the parent company, will hold “less than 20% of the stock.”
Rupert and Lachlan Murdoch, tech entrepreneur Michael Dell, and Larry Ellison, CEO of Oracle, are among those investors as well.
American investors will hold six of the seven positions on the U.S.-based board. ByteDance will have one seat.
What they’re saying: In an interview with Fox News’s “The Sunday Briefing,” Trump proudly touted a list of bold-faced names who he said may be part of the still-mysterious deal.
- “Michael Dell is involved. I hate to tell you this, but a man named ‘Lachlan’ is involved. Do you know who Lachlan is? That’s a very unusual name — Lachlan Murdoch. … And Rupert is probably going to be in the group — I think they’re going to be in the group,” Trump said, when asked about the U.S, buyers for the dominant social media app.
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