"Under the terms of his executive order, TikTok's U.S. operations - including its recommendation algorithm, source code, and content moderation - will come under the control of a new board of directors, with Oracle becoming responsible for security operations. Oracle (led by Trump ally Larry Ellison), Fox Corp (owner of Fox News), Andreessen Horowitz, and Silver Lake Management have been reported as investors in the new joint venture, with Fox's participation seemingly confirmed by Trump."
""We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea," Bessent said. He declined to discuss the details of the agreement, but added, "My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.""
The United States and China have reached a final deal to proceed with a TikTok transaction built on a framework agreed in Madrid. Leaders are expected to consummate the transaction in Korea after Chinese approval. An executive order requires ByteDance to sell U.S. operations or face a ban and mandates U.S. control over TikTok's recommendation algorithm, source code, and content moderation through a new board, with Oracle responsible for security operations. Reported investors include Oracle, Fox Corp, Andreessen Horowitz, and Silver Lake. U.S. and Chinese negotiators also reached a trade framework that included discussion of rare earth minerals.
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