TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data potentially being accessed by the Chinese government.
As a result, U.S. users have often found themselves caught in the middle of this tension. Earlier this year, the app experienced a temporary outage in the U.S. that left millions of users in suspense before it was quickly restored. TikTok returned to the App Store and Google Play Store in February.
A number of investors are competing for the opportunity to purchase the app, and after Trump extended the TikTok ban deadline for the fourth time, it seems that progress has been made.
On Thursday, President Donald Trump signed an executive order that approves the sale of TikTok’s U.S. operations to an American investor group. The deal would value TikTok US at about $14 billion, according to Vice President JD Vance. CFRA Research’s senior vice president, Angelo Zino, previously estimated that, if a deal were to go through, the platform’s U.S. business could have its valuation soar to upward of $60 billion.
A week prior, President Trump announced that President Xi Jinping of China had given his approval of a TikTok deal, which would allow a consortium of U.S. investors to control the platform. ByteDance stated publicly that it would ensure the platform remains available to American users.
Who will take ownership of TikTok in the U.S.?
Recently, a “framework” deal was reportedly established between the U.S. and China, with new information revealed indicating that a consortium of investors, including Oracle, Silver Lake, and Andreessen Horowitz, may oversee TikTok’s U.S. operations.
These investors are expected to hold an 80% stake, and the remaining shares will belong to Chinese stakeholders. The new entity’s board would predominantly consist of U.S. members, with one member appointed by the U.S. government.
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