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“It’s all being worked at. We’re going to have very good control. We have American, these are American investors, all of them,” Trump stated. “And they all love our country. They’re all very well-known people, very famous people, actually, financially. And they’ll have control of it.”
The proposed deal, according to sources familiar with the matter, would give an Oracle-led investor group majority ownership of TikTok’s U.S. operations, reducing ByteDance’s stake to below 20%. The investor group reportedly includes prominent U.S. firms such as Silver Lake, Andreessen Horowitz, KKR, and General Atlantic.
[snip]
Negotiations are reportedly considering two main paths: either licensing the algorithm to the new U.S. entity or having the American investors develop an entirely new, independent algorithm. Reuters reported in July that TikTok had already begun developing a separate U.S. app with distinct data storage and a new algorithm.
Trump also took a moment to praise Chinese President Xi Jinping, noting their “good relationship” and highlighting the desire of many Americans to keep the app operational. “We got a lot of votes, we got a lot of Republican votes from very young people,” Trump added, alluding to the app’s broad user base
* Original Article:
https://www.tampafp.com/trump-extends-tiktok-deadline-pledges-u-s-control-over-algorithm/