Determining next steps for the algorithm, currently owned by the Beijing-based ByteDance, has been one of the most closely watched issues during negotiations over TikTok's future.

New investors include Oracle Corp, Andreessen Horowitz and private equity firm Silver Lake Management LLC.

New investors include Oracle Corp, Andreessen Horowitz and private equity firm Silver Lake Management LLC.

TikTok deal to create U.S.-dominated board, Oracle likely to take over app, Trump seeks tight control.

A potential deal to reduce TikTok’s ties to China would give the app a new board with six American directors out of seven, the White House press secretary said.

Americans will also hold a majority of seats on a board overseeing U.S. operations, White House press secretary Karoline Leavitt said.

The White House said Oracle would be responsible for TikTok's data and security and that Americans will control six of the seven seats for a planned board.

Americans will also hold a majority of seats on a board overseeing U.S. operations, White House press secretary Karoline Leavitt said.

White House press secretary Karoline Leavitt on Saturday said that she was "100% confident" that the deal between the U.S. and China is finalized.

TikTok's U.S. operations will be controlled by Americans in a planned deal to spin the platform off from its Chinese owner, White House press secretary Karolina Leavitt said.

The White House said a deal could be signed "in the coming days", but Beijing is yet to comment.

Im Streit um TikTok in den USA zeichnet sich laut Weißem Haus eine Einigung ab: Eine neue Firma mit US-Mehrheit soll das US-Geschäft übernehmen, ByteDance weniger als 20 Prozent…

According to a White House official, TikTok’s American assets are to be primarily owned by US investors and managed by a security-focused board.

White House officials claim the deal will be a win for the app's US users and American citizens.

The social media platform TikTok will soon be U.S.-based in a reported preliminary deal to keep the popular app operating for American users.

White House says Oracle, whose cofounder Larry Ellison is a key Trump ally, will be an investor in short-video app.

Determining next steps for the algorithm, currently owned by the Beijing-based ByteDance, has been one of the most closely watched issues during negotiations over TikTok's future.

Trump is expected to issue an executive order later this week that declares that the terms of the deal meet security concerns, a White House official says.

Trump says a deal is done but the details have not been confirmed by China or the app's owner ByteDance.

Much is still unknown about the actual arrangement, but Trump said Chinese President Xi Jinping “gave us the go-ahead” to proceed with the deal.