TikTok Deal Approved? Trump & ByteDance Claim Agreement

TikTok Deal Receives Approval from China

Former President Trump announced on Friday that an agreement regarding TikTok, potentially placing control of the video-sharing platform under a group of American investors, had received approval from President Xi of China.

ByteDance, TikTok’s parent company, concurrently released a statement confirming its commitment to maintaining TikTok’s accessibility for users in the United States via TikTok U.S.

Background of the Agreement

Details surrounding the specifics of the deal were not immediately disclosed.

Negotiations between the two nations have been ongoing, aiming to preserve TikTok’s operations within the U.S. following a ban initially imposed in January due to national security considerations.

The implementation of this ban was repeatedly delayed by the Trump administration in response to significant opposition from both users and content creators.

Details of the Proposed Ownership Structure

Earlier this week, Trump indicated on his Truth Social platform that a resolution had been reached and that an announcement regarding the buyer was forthcoming.

Reporting by The Wall Street Journal substantiated this, revealing that investors, including Oracle, Silver Lake, and Andreessen Horowitz, were slated to acquire an 80% ownership stake in the U.S. TikTok division.

The remaining 20% would be retained by existing Chinese shareholders.

Furthermore, the composition of the new company’s board of directors would predominantly consist of U.S. representatives, with the U.S. government having the authority to appoint one member.

Statements from Key Figures

“The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval,” Trump posted on his Truth Social account on Friday, following a discussion where the deal’s approval was reportedly addressed.

A statement published on TikTok’s official website, attributed to a ByteDance spokesperson, expressed gratitude to both President Xi Jinping and President Donald J. Trump for their efforts in safeguarding TikTok’s presence in the United States.

ByteDance affirmed its intention to operate in compliance with all relevant regulations to ensure continued access to TikTok for American users through TikTok U.S.