Changes at TikTok: Majority American Control Agreed

The White House Press Secretary, Karoline Leavitt, announced on a Fox News appearance some pleasant news: An agreement on the restructuring of the U.S. TikTok operations has been reached. It is intended to establish the company under majority American control, although the final signature is still pending. The agreement stipulates that Americans will occupy six out of seven seats on the board. Additionally, the algorithm of the popular short video app will be in American hands, as reported by Bloomberg. "All details have already been decided; now only the signing of the agreement is pending, which I expect in the coming days," Leavitt explained. According to a Bloomberg report, Oracle, Andreessen Horowitz, and the private equity firm Silver Lake Management will act as new investors in TikTok. Oracle will also be responsible for the security and reliability of the app. The current owner, ByteDance, would hold less than 20 percent of the newly founded company. President Donald Trump has repeatedly extended the deadline of a U.S. law that bans TikTok if it is not sold to new owners. On Friday, he confirmed that China's President Xi Jinping had agreed to the deal.