A deal for TikTok's future in the US is nearing completion. According to The Wall Street Journal, TikTok's US business will be taken over by a group of US investors, who will receive about 80% in the new structure.
They include longtime platform partner Oracle, venture capital firm Andreessen Horowitz and investment firm Silver Lake. Chinese shareholders will retain less than 20%, which is legal. In addition, the US government will have the right to appoint one member of the new entity's board of directors.
The deal has been rumored for months, with President Donald Trump hinting in June that it could be “in two weeks.” China appears to have given its final approval, with a local regulator saying the U.S. version of TikTok will continue to use the Chinese algorithm. Meanwhile, the company’s engineers are working to recreate the algorithm for an entirely new version of the app, using a license from ByteDance.
Oracle, which has long collaborated with TikTok on data security, will be responsible for managing user information in the U.S. The new app is reportedly already in testing.
Although the parties have almost agreed on the terms, the final completion of the process may be delayed. Meanwhile, Trump has extended the deadline for the current version of TikTok to be banned in the United States for the fourth time. The president also said that he plans to have a phone conversation with Chinese leader Xi Jinping on September 19, 2025, to finally confirm the agreements.