By CHRIS MEGERIAN, Associated Press
WASHINGTON (AP) — Tech giant Oracle will receive a copy of TikTok’s algorithm to operate for U.S. users, according to a senior official in President Donald Trump’s administration on Monday.
Determining next steps for the algorithm, currently owned by the Beijing-based ByteDance, has been one of the most closely watched issues during negotiations over TikTok’s future.
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The Trump administration official, who insisted on anonymity to discuss the emerging deal, said they believe the plan will satisfy national security concerns over a Chinese company potentially manipulating what is being shown to platform users.
Full details on investors have not been released. However, the official confirmed that Silver Lake, a private equity firm, is part of the investment group.
President Joe Biden, a Democrat, signed bipartisan legislation before leaving office requiring ByteDance, the Chinese company behind TikTok, to sell its assets to an American company or face a ban.
Trump, a Republican, has extended the deadline several times as he worked to reach a deal to keep TikTok available. He spoke to Chinese President Xi Jinping on Friday.
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