Overview
- An administration official said TikTok’s U.S. operations would shift to a new U.S. consortium that includes Oracle.
- The official indicated President Trump is expected to sign an order later this week to clear the transaction.
- Terms described by U.S. officials include a board majority of American directors and U.S. oversight of the app’s algorithm.
- The U.S. government would hold no equity, including any golden share, and ByteDance’s stake in the U.S. venture would stay below 20%, with completion targeted within 120 days after reviews.
- In a separate FOX News interview, President Trump named Larry Ellison, Michael Dell and Lachlan Murdoch as participants and said Rupert Murdoch would probably join, while noting that no final deal has been reached and he believes Xi Jinping has approved the sale.