On Saturday, the White House said a long-awaited agreement on TikTok would hand Americans control of the app's powerful algorithm and place the platform under a U.S.-led board.

US TikTok Ownership, Governance Set To Shift

White House Press Secretary Karoline Leavitt said that an agreement to split TikTok into separate U.S. and international versions is close to being signed.

"We are 100% confident that a deal is done. Now that deal just needs to be signed," Leavitt told Fox News, adding she expects it in "the coming days."

Under the arrangement, Americans will own a majority stake in TikTok's U.S. entity, with six of seven board members coming from the U.S. Oracle Corp (NYSE:ORCL) will continue to provide cloud services for American users, as it does under TikTok's current structure.

"The crown jewel of this app--the recommendation engine that picks the next video users see--will be controlled by America," Leavitt emphasized.

Trump Celebrates TikTok Deal Progress

President Donald Trump posted on Truth Social on Friday that he had a "very productive call" with Chinese President Xi Jinping and expressed appreciation for what he described as TikTok's approval.

However, China has not publicly confirmed any deal. The Chinese Foreign Ministry said only that it hopes "productive commercial negotiations" will result in a resolution that aligns with market rules and Chinese law, as reported by Barron.

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Trump's Hardline On TikTok Forces China Back To Negotiating Table

Last week, Trump was reportedly prepared to let TikTok “go dark,” a hardline stance that, according to Treasury Secretary Scott Bessent, forced China back to the negotiating table. 

While Washington focused on national security concerns, Wall Street debated the implications of TikTok's uncertain future for U.S. tech stocks.

Bessent said Trump had made it clear he was willing to let TikTok shut down rather than compromise on national security.

He noted that commercial terms between ByteDance and U.S. investors had been largely agreed upon since spring, but China had stalled following Trump's April 2 tariff announcement.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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