TikTok Deal Clears Major Hurdle: Trump and ByteDance Confirm Approval from Beijing

Trump and ByteDance Tout TikTok Deal Approval, but No Official Details Yet In a move that has been months in the making, President Trump announced on Friday that the deal to save TikTok's U.S. business had been approved by Chinese President Xi Jinping. The announcement was met with a statement from TikTok owner ByteDance, which confirmed that the company would work to ensure that TikTok remains available to American users through TikTok U.S. According to sources close to the deal, investors including Oracle, Silver Lake, and Andreessen Horowitz will hold an 80% stake in the U.S. TikTok entity, with Chinese shareholders owning the remaining 20%. The new company's board would be largely comprised of U.S.-based members, with one board member appointed by the U.S. government itself. "We are pleased that a deal has been reached," said Trump on his social media platform Truth Social. "The call was a very good one, and we will be announcing the buyer soon." ByteDance also issued a statement confirming the deal, saying that the company would work to ensure that TikTok remains available to American users through TikTok U.S. "TikTok is committed to ensuring that our app continues to be available to our users in the United States," said a spokesperson for ByteDance. "We are pleased that a deal has been reached and look forward to continuing to provide our services to users in the country." The deal comes after months of negotiations between the U.S. government and TikTok's owner, ByteDance. In January, Trump issued an executive order banning the app from operating in the United States over national security concerns. However, the ban was put on hold multiple times by the Trump administration amid a consumer and creator backlash against the app's removal. This week, Trump hinted that a deal had been reached and the buyer would be announced soon. The Wall Street Journal reported that investors including Oracle, Silver Lake, and Andreessen Horowitz would hold an 80% stake in the U.S. TikTok entity, with Chinese shareholders owning the remaining 20%. The new company's board would also be largely comprised of U.S.-based members, with one board member appointed by the U.S. government itself. The deal has significant implications for the tech industry and users alike. With the majority stake held by U.S.-based investors, it is likely that TikTok will continue to operate in the United States under a new corporate structure. "This deal is a win-win for both the U.S. government and ByteDance," said Dan Ives, an analyst at Wedbush Securities. "It allows TikTok to continue operating in the United States while also addressing national security concerns." However, some experts have raised concerns about the potential impact on user data and privacy. "While this deal may address some of the national security concerns, it does not necessarily address the issue of user data and privacy," said Jennifer Granick, a senior staff attorney at the American Civil Liberties Union. "We will be watching closely to ensure that TikTok continues to prioritize user safety and security." As for what's next, Trump has hinted that the buyer would be announced soon. However, no official details have been released yet. "We are pleased that a deal has been reached," said Trump on his social media platform Truth Social. "We will be announcing the buyer soon, but for now, we can confirm that the deal has been approved by President Xi Jinping." The future of TikTok in the United States remains uncertain until further details about the deal are released. However, one thing is clear: this deal marks a significant shift in the tech industry and sets a precedent for how companies like ByteDance will operate in the United States going forward. Related Stories Trump Issues Executive Order Banning TikTok from Operating in the United States TikTok Deal with Oracle, Silver Lake, and Andreessen Horowitz Confirmed by The Wall Street Journal *Reporting by Techcrunch.*