Trump to sign TikTok order in days, algorithm in US hands

Donald Trump is expected to sign an executive order approving the TikTok deal this week, Axios reports, citing sources. The agreement includes the creation of an American company that will license the algorithm from ByteDance.

Under the agreement, ByteDance will create a copy of the algorithm and license it to an American company controlled by a group of investors, including Oracle, which will be responsible for protecting the data of American users. Donald Trump has stated that in addition to Oracle's Larry Ellison, Michael Dell and the Murdochs will also be involved in the operation. "Lachlan Murdoch, Rupert Murdoch will probably be in the group," Trump told Fox.

Bytedance will own less than 20% of TikTok's US operations, a White House official said, emphasizing that the deal will be finalized within 120 days of signing and that the app's algorithm will be operated by the American company that will take over the US operations, which will be made up of American and global investors. The government, the official specified, will have no stake in TikTok.