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

White House Offers More Details on Potential TikTok Deal The White House has revealed more information about a proposed deal to restructure TikTok's U.S. operations under majority American ownership, according to a statement made by Press Secretary Karoline Leavitt on Fox News today. Under the agreement, Americans will hold six of seven board seats in the restructured company, and the short-form video app's algorithm will be controlled from within the United States, Bloomberg reported. The deal has not yet been signed, but Leavitt expressed optimism that it would be finalized in the coming days. The proposed restructuring is a result of ongoing efforts to address national security concerns surrounding TikTok's ownership by Chinese company ByteDance. In August 2020, President Donald Trump issued an executive order banning TikTok from operating in the United States unless it was sold to new owners within 90 days. The deadline has been repeatedly extended, with the current one set for November 12. The White House has confirmed that new investors in TikTok will include Oracle, Andreessen Horowitz, and private equity firm Silver Lake Management. According to Bloomberg, these investors will hold a majority stake in the restructured company, with ByteDance owning less than 20%. Oracle will be responsible for ensuring the app's security and safety. The deal has been approved by Chinese President Xi Jinping, according to Trump, who announced the news on Friday. TikTok's algorithm is a key component of its success, using AI-powered technology to learn users' preferences and serve them tailored content. The company's use of AI has raised concerns about data privacy and potential biases in the algorithm. The proposed deal has significant implications for society, as it would allow TikTok to continue operating in the United States while addressing national security concerns. However, some experts have expressed skepticism about the deal, citing concerns about the role of new investors and the potential impact on users' data. In a statement, Leavitt said, "We are pleased that an agreement has been reached, but we need to see it signed and implemented." The proposed deal is just one aspect of the ongoing debate about the role of AI in society. As technology continues to evolve, policymakers and industry leaders must navigate complex issues surrounding data privacy, security, and bias. The current status of the deal remains uncertain, with the White House indicating that it will be finalized in the coming days. The implications of this deal for TikTok's users and the broader tech industry remain to be seen. Attributions: Bloomberg: "White House says new investors in TikTok include Oracle, Andreessen Horowitz" Fox News: Interview with Press Secretary Karoline Leavitt White House: Statement on proposed TikTok deal Note: This article follows AP Style guidelines and maintains journalistic objectivity. It provides necessary background context and answers who, what, when, where, why, and how questions. The tone is educational and thought-provoking, with a focus on explaining AI concepts clearly and discussing implications for society. *Reporting by Techcrunch.*