"TikTok's U.S. business will be owned by a new American entity, an investor consortium that includes Oracle, Silver Lake, and Andreessen Horowitz, The Wall Street Journal reports. TikTok users will have to migrate over to another app once it launches, according to the paper. For the app to comply with the ban, by law 80 percent of ownership must be held by U.S. shareholders; Chinese shareholders will reportedly own the remainder."
"The new app, utilizing the same functionalities as the original and licensing technology from its parent company to develop a new algorithm that recommends content to users, is currently being tested, per the reports. U.S. investors would "own" this version of the algorithm, says CBS News. Oracle will reportedly handle user data for the new app in Texas."
""We've got a deal on TikTok. I've reached a deal with China. I'm going to speak to President Xi [Jinping] on Friday to confirm everything," Trump said on the morning of September 16. "These are very big companies that want to buy it.""
President Trump extended the TikTok ban deadline to December 16 while asserting a deal with China and planning to speak with President Xi. An investor consortium including Oracle, Silver Lake, and Andreessen Horowitz would own TikTok's U.S. business, with 80 percent U.S. ownership required and Chinese shareholders keeping the remainder. A new, U.S.-owned app is being tested and would require users to migrate; the app would license technology and a recommendation algorithm from the parent company while U.S. investors would control that algorithm. Oracle would manage user data for the new app in Texas, and the app was reportedly called M2.
Read at Vulture
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