In this articleORCL your favorite stocksCREATE FREE ACCOUNTWhite House press secretary Karoline Leavitt says that a deal is reached between the U.S.
and China where TikTok's algorithm and data are controlled by America and are majority-owned by Americans in the United States.
Mike Campbell | Nurphoto | Getty ImagesA preliminary deal to keep TikTok a in the United States will not involve the federal government taking an equity stake or a "golden " in the social media company, a senior White House official said Monday.The official confirmed that the deal will base the app's U.S.
operations in the states as part of a new joint venture with a board of directors that will have a majority of American members.
giant Oracle will oversee its security operations, the official said during a call with reporters.Since President Donald Trump took office in January, the United States government has secured a golden in U.S.
Steel and taken an equity stake in Intel.
A golden effectively gives Trump veto power over key decisions at the company.ByteDance, TikTok's Chinese parent company, faces an ultimatum under a federal law requiring it to either divest the platform's American or be shut down in the U.S.
That law passed with bipartisan support from members of Congress who expressed national security concerns the app and its potent content algorithm.Trump, who says he s TikTok, has repeatedly ext the divest-or-ban deadline.
Last week, he signed an executive order delaying it until Dec. 16.This is news. Please check back for .Read more CNBC coverageTrump says Murdochs are potential TikTok deal partnersThe U.S.
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