White House unveils new details surrounding framework TikTok deal
The White House is unveiling some more details surrounding the "framework deal" between the United States and China to save TikTok's U.S. operations. Under the deal, TikTok will be controlled by a new joint venture with a majority of American investors, owners, and board of directors, according to a senior White House official. ByteDance will hold less than 20% equity in the app's U.S. operations.
A "copy" of the algorithm will be brought into the new U.S. joint venture and overseen by Oracle, to comply with the laws in the U.S. and China.
President Donald Trump is expected to sign an executive order later this week declaring that the deal meets America's national security needs and will extend the pause on the ban-or-sale law by another 120 days to complete the deal. They expect ByteDance to sign a "framework" agreement.
The official said they're "confident" that China has approved the deal. When pressed whether that means negotiations are still ongoing, the official said paperwork and approvals need to be issued.
-ABC News' Selina Wang and Lalee Ibssa
