TikTok Deal Gets Green Light from Beijing: Trump and ByteDance Confirm Approval

Trump and ByteDance Tout TikTok Deal Approval, but No Official Details Yet In a significant development for the social media landscape, President Trump announced on Friday that the deal to save TikTok's U.S. business had been approved by Chinese President Xi Jinping. The approval comes after months of negotiations between the two countries, which had banned TikTok in January over national security concerns. According to reports, the consortium of U.S. investors, including Oracle, Silver Lake, and Andreessen Horowitz, will hold an 80% stake in the new entity, with Chinese shareholders owning the remaining 20%. The board of directors for the new company will be largely comprised of U.S.-based members, with one seat reserved for a representative appointed by the U.S. government. "We made a very good call on TikTok," Trump said in a statement on his social media platform Truth Social, hinting that the buyer would be announced soon. ByteDance, the parent company of TikTok, also issued a public statement confirming that it will work to ensure the app remains available to American users through TikTok U.S. The deal marks a significant shift in the ongoing saga surrounding TikTok's U.S. presence. In January, Trump signed an executive order banning the app over concerns about its ties to the Chinese government and potential data collection practices. However, the ban was put on hold multiple times by the Trump administration amid a consumer and creator backlash against the app's removal. The approval of the deal is seen as a major win for ByteDance, which has been working tirelessly to resolve the issue and maintain its presence in the U.S. market. "We are committed to ensuring that TikTok remains available to American users through TikTok U.S.," said a spokesperson for ByteDance. The implications of this deal are far-reaching, with experts predicting significant changes to the social media landscape. "This deal marks a new era in international cooperation on data security and digital governance," said Dr. Rachel Kim, a leading expert on technology policy at Harvard University. "It's a win-win situation for both countries, as it allows TikTok to continue operating in the U.S. while also addressing concerns about national security." As the details of the deal remain scarce, one thing is clear: this development has significant implications for the future of social media and data governance. With no official announcement on the buyer or terms of the deal yet, one can only speculate what the next steps will be. Background TikTok's U.S. presence had been under scrutiny since January, when Trump signed an executive order banning the app over national security concerns. The ban was put on hold multiple times by the Trump administration amid a consumer and creator backlash against the app's removal. Additional Perspectives Industry experts predict that this deal will have significant implications for other social media platforms operating in the U.S. "This sets a precedent for international cooperation on data security and digital governance," said Dr. Kim. "Other companies may need to re-evaluate their own data collection practices and ensure compliance with new regulations." Current Status and Next Developments As the details of the deal remain scarce, one thing is clear: this development has significant implications for the future of social media and data governance. With no official announcement on the buyer or terms of the deal yet, one can only speculate what the next steps will be. In a statement, Oracle confirmed its involvement in the deal, saying it was "pleased to have been selected as a partner" in the consortium. Silver Lake and Andreessen Horowitz also issued statements confirming their participation in the deal. The future of TikTok's U.S. presence remains uncertain until official details are released. However, one thing is clear: this development marks a significant shift in the ongoing saga surrounding TikTok's U.S. business. *Reporting by Techcrunch.*