The Trump administration revealed additional details on Monday regarding the deal to save TikTok, ensuring the app’s safety and security for over 170 million American users.
A senior White House official explained that the administration and China had reached an agreement to transfer TikTok’s U.S. operations into a new joint venture based in the U.S., with Americans comprising the majority of the app’s investors, owners, and board of directors.
‘This deal means that TikTok will be majority owned by Americans in the United States.’
The U.S. government will not take equity in the joint venture. President Donald Trump would like the app’s investors to be patriotic, the official remarked, adding that the administration hopes those appointed to the board will have a background in cybersecurity and national security.
As required by law, TikTok’s Chinese parent company, ByteDance, will not hold more than 20% of the app’s stock.
With this deal, Oracle will serve as TikTok’s security provider, managing how the app is updated and how data is stored. The official noted that all American data is currently stored, and will continue to be stored, in the U.S. on Oracle’s system.
China will provide a copy of the app’s content recommendation algorithm to the U.S. joint venture system for inspection, operation, and monitoring.
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Photo by Anna Moneymaker/Getty Images
Trump is expected to sign an executive order later this week that will declare the terms of the agreement.
The White House official highlighted the importance of the administration’s efforts to save TikTok, noting that doing so would protect jobs and enable American businesses to continue using the app for promotional purposes.
The official stated that the administration is confident that China approved the terms of the deal during a meeting last week in Madrid, Spain.
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Photo by Emmanuel Wong/Getty Images
Trump stated on Friday that he had “a great call with [Chinese] President Xi [Jinping],” adding that he had approved the deal.
Press secretary Karoline Leavitt confirmed on Saturday that the White House was “100% confident” that it had reached a deal with China.
“Now that deal just needs to be signed, and the president’s team is working with their Chinese counterparts to do just that,” Leavitt told Fox News. “This deal means that TikTok will be majority owned by Americans in the United States. There will be seven seats on the board that controls the app in the United States, and six of those seats will be Americans.”
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