A last-minute plan may save TikTok from being banned in the United States.
U.S. venture capital firms, private equity funds, and tech giants — including Oracle, Andreessen Horowitz, and Silver Lake — are preparing to form a new U.S.-based company that would run TikTok domestically. The group would control about 80%, leaving Chinese shareholders with less than 20%, in line with U.S. law. A majority-American board, including a Trump-appointed member, would oversee the app.
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The framework was revived this week during U.S.-China talks in Madrid, after collapsing earlier in April when Trump imposed sweeping tariffs on China. A final decision could come Friday, when Trump and Chinese President Xi Jinping are scheduled to speak by phone.
To buy time, Trump signed an executive order extending TikTok’s ban deadline by three months — the fourth extension since the ban technically took effect in January. Without it, TikTok would have gone dark on Wednesday.
Treasury Secretary Scott Bessent said Beijing relented only after Trump threatened to let TikTok be shut down. “That was the turning point,” Bessent told CNBC. Details of the deal are expected in the coming days, and U.S. officials say the agreement could pave the way for a Trump–Xi meeting as early as next month.
Source: TikTok Ban Averted? U.S.-China Near Breakthrough Deal
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