"For a week, the White House has signaled that a deal to transfer ownership of TikTok to a US company is forthcoming. Donald Trump is expected to sign an executive order this week that would create a structure for a group of investors to take over operations of the Chinese social media company in the US. The Guardian's journalism is independent."
"On Monday, White House officials said that the US business software company Oracle would license a copy of TikTok's recommendation algorithm as part of the deal. The partnership expands on Oracle's existing management of TikTok's trove of data collected about its US users. The US president spoke with China's president Xi Jinping over the phone on Friday, saying in a Truth Social post that the call was a very good one and that he appreciates the TikTok approval."
"Earlier in the week, leaders from both governments met in Madrid, Spain, to discuss trade and also hash out a deal for TikTok's ownership. The popular app's future in the US has been in limbo for more than a year, a saga that began after Congress overwhelmingly voted to pass a law banning the social media app in 2024 unless it found a US buyer."
A U.S. deal will transfer ownership of TikTok's American operations to a group of investors organized under an expected executive order. Oracle will license a copy of TikTok's recommendation algorithm and expand its role managing user data collected in the United States. President Trump spoke with President Xi Jinping and leaders from both governments met in Madrid as negotiations continued. Congress passed a 2024 law to ban TikTok unless it found a U.S. buyer, and the Supreme Court upheld that law in January. The president has postponed and repeatedly delayed enforcement of the ban while pursuing a sale involving U.S. interests.
Read at www.theguardian.com
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