Americans to dominate board of new TikTok US entity: White House

Washington: The Chinese parent company of TikTok is set to sell its US operations under a deal that will create a board dominated by Americans, the White House confirmed Saturday.

"There will be seven seats on the board that controls the app in the United States, and six of those seats will be Americans," White House Press Secretary Karoline Leavitt told Fox News.

Leavitt added that a deal could be signed "in the coming days," signalling that negotiations are in their final stages.

Oracle to oversee data and algorithm control

The sale comes after longstanding US concerns over national security and the possibility that China could use TikTok to collect data from Americans or influence content. Congress, under President Joe Biden, passed legislation requiring ByteDance to sell its US operations or face a ban on the app.

Leavitt indicated that Oracle, the tech company owned by billionaire Larry Ellison, is expected to participate in the takeover. "The data and privacy will be led by one of America's greatest tech companies, Oracle, and the algorithm will also be controlled by America as well," she told Fox News.

President Donald Trump, who has frequently delayed the implementation of a TikTok ban, spoke with Chinese President Xi Jinping about the deal on Friday. Trump said Xi "approved" the arrangement but emphasised, "We have to get it signed."

Trump added, "We're going to have a very, very tight control. There's tremendous value with TikTok, and I’m a little prejudiced because I frankly did so well on it."

Reports indicate that US investors could provide a multi-billion-dollar fee to the government as part of the transaction, according to sources cited by The Wall Street Journal.