Summary
President Trump announced a plan for TikTok to continue operating in the U.S. by changing ownership. The plan involves keeping TikTok's user data within the U.S., supervised by American investors and technology company Oracle. The deal, which aims to address national security concerns, awaits approval from the Chinese government.
Key Facts
- President Trump announced a deal intended to keep TikTok operating in the U.S.
- U.S. lawmakers wanted TikTok banned over data privacy and national security fears.
- The deal involves copying TikTok's algorithm and retraining it with U.S. user data.
- Oracle will audit and manage TikTok's U.S. data storage.
- Private equity firm Silver Lake is involved in the agreement.
- TikTok had to find a U.S.-approved buyer or face being shut down according to a 2024 law.
- The new joint venture will have U.S. investors and board members with cybersecurity experience.
- China has not yet confirmed the deal but has indicated it respects the ongoing negotiations.
