Overview

• Officials said a framework was reached in Madrid to keep TikTok operating in the U.S., with a Trump–Xi call on Friday expected to confirm terms.
• Reports indicate roughly 80% of the U.S. business would go to an investor consortium including Oracle, Silver Lake and Andreessen Horowitz, with ByteDance retaining just under 20%.
• Oracle is expected to keep its cloud role managing U.S. user data, while Chinese officials signaled willingness to license algorithm and other IP to address security concerns.
• Trump signed a fourth extension of the 2024 divest-or-ban law’s enforcement to Dec. 16, a move likely to face national-security scrutiny and possible congressional review.
• Media reports suggest the transaction could close in 30 to 45 days, though that timeline has not been independently verified.