Trump to Certify TikTok U.S. Deal This Week
President Donald Trump will declare this week that a deal to divest TikTok's U.S. operations from Chinese parent ByteDance meets the requirements of a 2024 law, a White House official said Monday.
Under the plan, ByteDance will hold less than 20%, while TikTok U.S. will be controlled by a mix of existing U.S. and global firms alongside new investors unaffiliated with ByteDance.
Oracle and Silver Lake are among the key investors, with Trump highlighting U.S. backers such as Lachlan Murdoch, Larry Ellison, and Michael Dell. Trump will sign an executive order certifying the deal’s legality, which mandates that U.S. user data be stored on Oracle-run cloud infrastructure.
The official added that Washington is confident China has approved the deal and does not expect further talks with Beijing, though some paperwork remains to be completed on both sides.
Source: Tradingeconomics.com