President Trump announced on Friday that the TikTok deal has been approved by President Xi of China. This arrangement would see the popular video platform controlled by a consortium of U.S. investors. TikTok owner ByteDance issued a public statement confirming the company would work to ensure that TikTok remains available to American users through a new U.S. entity. No further details about the agreement were provided at the time.
The two countries have been negotiating a solution for TikTok’s U.S. operations since a ban was initiated in January over national security concerns. That ban was delayed multiple times by the Trump administration following significant backlash from consumers and creators who opposed the app’s removal.
Earlier this week, Trump hinted on his Truth Social platform that a deal had been finalized and that the buyer would be announced shortly. A report from The Wall Street Journal confirmed that a group of investors, including Oracle, Silver Lake, and Andreessen Horowitz, would hold an 80% stake in the new U.S. TikTok entity, with Chinese shareholders retaining the remainder. The board of the new company will be largely composed of U.S. members, with one board seat to be appointed directly by the U.S. government.
Following a call with President Xi, Trump noted on his Truth Social account that the conversation was very good and that they would speak again. He specifically expressed his appreciation for the TikTok approval. On its website, ByteDance shared a statement thanking both President Xi Jinping and President Trump for their efforts to preserve TikTok in the United States. The company committed to working in accordance with applicable laws to ensure the app’s availability for American users.