Trump says TikTok deal reached, call with Xi 'very good'
What's the story
President Donald Trump has announced that a controversial TikTok deal has been reached, and he had a positive call with Chinese President Xi Jinping regarding the matter. The deal is likely to hand over control of the popular video-sharing platform to a group of US investors. However, no official details about the agreement have been released so far. ByteDance, TikTok's parent company, also confirmed its commitment to keeping "TikTok remains available to American users through TikTok US
Business rescue
Deal brings respite for TikTok's US business
The deal comes as a major relief for TikTok's US business, which was banned in January over national security concerns. The Trump administration had suspended the ban multiple times amid public outcry from consumers and creators who opposed the removal of the app. This week, Trump hinted on his social media platform Truth Social that a deal had been reached and the buyer would be announced soon.
Stake distribution
New US TikTok entity to have mostly American board members
According to a report by The Wall Street Journal, Oracle, Silver Lake, and Andreessen Horowitz will hold an 80% stake in the new US TikTok entity. Chinese shareholders will own the remaining stake. The board of the new company will be mostly US-based with one member appointed by the US government itself.
Presidential remarks
Trump says call with Xi was 'very good'
On his Truth Social account, Trump said, "The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval." He added that one of the topics discussed during the call was the approval of this deal. This statement suggests progress in the negotiations between the two countries over TikTok's future in America.