US President Donald Trump has introduced an settlement between the US and China to maintain TikTok working within the United States, with three sources accustomed to the matter saying the deal was just like one mentioned earlier this yr.
The settlement requires TikTok’s American property to be transferred to US homeowners from China’s ByteDance, probably resolving a saga that has lingered for almost a yr.
A deal for the favored social media app, which counts 170 million US customers, would characterize a breakthrough in months-long talks between the 2 largest economies as they search to defuse a wide-ranging commerce struggle that has unnerved world markets.
The US and China have reached an settlement on TikTok. Credit: AP
“We have a deal on TikTok … We have a gaggle of very massive firms that wish to purchase it,” Trump mentioned at a White House briefing, with out offering additional particulars. The announcement got here a day earlier than the unique deadline to promote or shut down the brief video app.
Later within the day the White House prolonged that deadline till December 16, however it declined to offer any additional particulars on the settlement with China.
Sources mentioned they didn’t know what the ultimate deal would appear to be, given the potential for last-minute modifications.
Bloomberg reported the American operations could be acquired by an investor consortium that features Oracle, Andreessen Horowitz and personal fairness agency Silver Lake Management below a framework deal Trump would focus on with Chinese President Xi Jinping later this week.
Reuters, Bloomberg
