"Donald Trump signed an executive order Thursday outlining the terms of a deal to transfer TikTok to a US owner. Trump said he and China's president Xi Jinping had come to an agreement to allow TikTok to continue operating in the US, separating the social media platform from its Chinese owner ByteDance. Trump said the deal complies with a law that would have forced the shutdown of the app for American users had it not been divested and sold to a US owner."
"Under the plan, US investors will take over the majority of TikTok's operations and take charge of a licensed copy of the app's powerful recommendation algorithm. American companies are expected to own about 80% of the US version of the spun off company, while ByteDance and Chinese investors will own less than 20%. The new version of TikTok will be controlled by a seven-member board of directors made up of cybersecurity and national security experts, six of them Americans, according to the White House."
President Donald Trump signed an executive order establishing terms to transfer TikTok to a US owner after an agreement with Chinese president Xi Jinping. The plan requires divestiture of TikTok from ByteDance so the app can continue operating in the United States under US ownership. US investors, led by Oracle, are expected to own about 80% of the US company while ByteDance and Chinese investors will retain under 20%. A seven-member board dominated by cybersecurity and national security experts will govern the new company. Oracle will oversee US operations, provide cloud storage for user data, and receive a license to control the recommendation algorithm.
Read at www.theguardian.com
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