White House press director Karoline Leavitt said Tiktok’s algorithms and data were managed by the US and reached a deal between the US and China, which is mostly owned by Americans.
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A preliminary agreement to keep Tiktok alive in the US does not involve the federal government taking stock of stock or “golden shares” in social media companies, White House officials said Monday.
Officials have confirmed that the deal is based on the popular video app’s US business as part of a new joint venture with the board of directors, which has a majority of its members.
Officials said none of these board members would be elected by the government.
High-tech giant Oracle Authorities said.
President Donald Trump signed an executive order later this week to support the proposed deal and extend the deadline that Tiktok could face a US ban again, the White House said.
When asked to clarify that the deal was finalized, the official expressed confidence that China had approved it and would not be stuck with the regulatory hurdles.
Since Trump took office in January, the US government has secured a golden share of US steel and acquired shares Intel. Golden Share effectively gives Trump veto over key business decisions in the company.
Tiktok’s Chinese parent company, Baitedan, is facing an ultimatum under federal law that requires the US to close the passage of laws passed from members of Congress who have voiced national security concerns about the app and its powerful content algorithms.
Trump, who says he likes Tiktok, repeatedly extended the deadline for escape or vans. Last week he signed an executive order delaying it until December 16th.
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