TikTok Deal Includes New, Old Investors, Oracle Data Role

The agreement on US firms taking over the local operations of TikTok includes new and existing investors in the social media platform’s Chinese parent company Bytedance, according to a report by CNBC.

Sources have reportedly said the deal will take 30 to 45 days, but Oracle will retain its role managing the collection of TikTok’s data and software updates.

TikTok’s future in the US had been clouded with doubt for more than a year after Congress passed a bill that required Bytedance to divest its operations in the US because of concern that the Chinese government could access the user data for 170 million Americans – and run influence operations via the app.

President Trump extended the three-month deadline allowing the app to continue operating in the US three times prior to the latest bilateral trade talks in Madrid on Sunday and Monday.

US Treasury Secretary Scott Bessent said on Tuesday that President Trump was willing to let TikTok go dark – and that warning “turned the tide” in the framework deal agreed with Chinese officials in Spain.

“President Trump made it clear that he would have been willing to let Tiktok go dark, that we were not going to give up national security in favour of the deal,” Bessent told CNBC’s “Squawk Box.”

See the full report: CNBC.