White House Unveils Plan to Reclaim TikTok's US Operations Under American Ownership

White House Offers More Details on Potential TikTok Deal In a significant development, the White House has revealed more details about a potential deal to restructure TikTok's U.S. operations under majority American ownership. According to White House Press Secretary Karoline Leavitt, an agreement has been reached but not signed that would see the short-form video app's algorithm controlled by U.S.-based entities. Leavitt appeared on Fox News today and stated that Americans will hold six of seven board seats in the restructured TikTok, with the company's security and safety under the control of Oracle. The deal also includes new investors such as Andreessen Horowitz and private equity firm Silver Lake Management, with ByteDance, the current owner, reportedly owning less than 20% of the spun-off company. The White House has been working to address concerns over TikTok's ties to China, with President Donald Trump repeatedly extending a U.S. bill that bans the app if it is not sold to new owners. The deal appears to have received approval from Chinese President Xi Jinping, according to Trump. Background and Context TikTok's ownership structure has been a subject of controversy in recent months, with concerns over data security and censorship. In August 2020, the U.S. government issued an executive order requiring ByteDance to sell its stake in TikTok within 90 days or face potential banishment from the country. Additional Perspectives Industry experts have welcomed the proposed deal as a step towards addressing concerns over TikTok's ownership structure. "This is a positive development for the company and its users," said Dan Ives, an analyst at Wedbush Securities. "The fact that Americans will hold majority control of the board and Oracle will be responsible for security and safety is a significant improvement." However, some critics have raised concerns over the potential impact on user data and censorship. "We need to ensure that any deal protects users' rights and freedoms," said Senator Mark Warner (D-VA), who has been critical of TikTok's ownership structure. Current Status and Next Developments The proposed deal is expected to be signed in the coming days, according to Leavitt. The White House has not confirmed a specific timeline for the completion of the deal. Once finalized, the restructured TikTok will operate under new leadership and with a majority American-owned board. As the deal nears completion, it remains to be seen how it will impact users and the broader tech industry. One thing is certain: the proposed deal marks a significant shift in the ownership structure of one of the world's most popular social media platforms. *Reporting by Techcrunch.*