US gets TikTok, but China may keep the brain behind the app
US President Donald Trump announced that his administration has reached a deal with China to keep TikTok operating in the United States, following negotiations between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Madrid. The framework agreement would transfer TikTok’s American operations from Chinese parent company ByteDance to a US-based consortium including Oracle, Andreessen Horowitz, and Silver Lake Management.
Under the tentative deal, ByteDance’s stake in TikTok would be reduced to below 20 percent to comply with a 2024 national security law requiring divestiture or facing a US ban.
