1 of 2 | President Donald Trump extended a Wednesday deadline for the U.S. assets of TikTok to be sold to American interests by three months to allow a U.S. consortium led by Oracle, Horowitz and Silver Lake to finalize a takeover. File Photo by John Angelillo/UPI | License Photo
Sept. 17 (UPI) -- TikTok will be operated by a consortium of U.S. venture capital firms, private equity funds and tech companies if President Donald Trump and Chinese President Xi Jinping approve a deal hammered out by their negotiators when they speak Friday.
Under the framework agreed in talks in Madrid this week, investors led by Oracle, Horowitz and Silver Lake would own around 80% of a new U.S. company that will run TikTok's American operation, with the remaining stake owned by Chinese shareholders, according to sources cited by CNN, CNBC and The New York Times.
The operating company would be under the direction of a majority-U.S. board with one member appointed by the administration.
On the basis of the agreement, Trump on Tuesday extended by 90 days the deadline for ByteDance, TikTok's Chinese parent company, to divest from the video-sharing app and sell to an American company, as required by legislation signed into law by the Biden administration in April 2024.
