"All the final details still need to be nailed down among several joint venture partners that will include Oracle, investment firm Silver Lake Partners and possibly two billionaires - media mogul Rupert Murdoch and personal computer pioneer Michael Dell. The U.S. administration would not have a stake in the joint venture nor be part of its board, according to a senior White House official."
"President Trump is expected to issue an executive order later this week that declares that the terms of the deal meet the security concerns laid out by the law, the senior White House official said. China still needs to sign off on the framework proposal, and any final deal would still require regulatory approval. The proposal is aimed at resolving a long-running effort to wrest TikTok's U.S. operations from its Beijing-based parent company, ByteDance, because of national security concerns."
Oracle will spearhead U.S. oversight of TikTok's algorithm and security as part of a joint venture. The consortium would include Silver Lake and possibly Rupert Murdoch and Michael Dell. The U.S. administration would not hold a stake or board seat in the joint venture. President Trump is expected to issue an executive order saying the terms meet security concerns; China must sign off and regulators must approve any final deal. The proposal aims to transfer TikTok's U.S. operations from ByteDance over national security concerns and the divestment could extend into early next year. The new U.S. joint venture would receive a licensed copy of TikTok's recommendation algorithm.
Read at Fortune
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