Summary
President Donald Trump and Chinese President Xi Jinping are close to finalizing a deal to transfer TikTok's ownership to U.S. hands, potentially ending concerns over the app's future in the U.S. The plan involves allowing a group of American investors to buy TikTok from its current owner, ByteDance, but it still needs China's approval. The deal could end the uncertainty that followed a law threatening to ban TikTok unless it found a new U.S. owner.
Key Facts
- President Trump is meeting with Chinese President Xi in South Korea to discuss the deal.
- The U.S. law passed and signed by former President Biden threatened to ban TikTok unless it got a new U.S. owner.
- Trump signed an executive order to extend the deadline for finding a U.S. buyer for TikTok.
- American investors, including Oracle and Silver Lake, are planned to buy TikTok.
- The deal needs approval from both the U.S. and China to be completed.
- TikTok is a popular video app, especially among U.S. adults under 30.
- Concerns focus on data security and the control of the algorithm that selects content for users.
- Public opinion on banning TikTok is divided, with data security being a major concern.
