President Trump announced Friday that he and Chinese leader Xi
Jinping have made progress on the agreement that involves a group of previously announced investors taking control of TikTok's U.S. operations.
It does not appear that a deal has been signed,
but rather Xi on a phone call with Trump approved it.
“I just completed a very productive call with President Xi of China," President Trump wrote on Truth Social. "We made progress on
many very important issues including trade, fentanyl, the need to bring the war between Russia and Ukraine to an end, and the approval of the TikTok deal,” he said on his Truth Social
platform."
An investor consortium consisting of Oracle, Silver Lake and Andreessen Horowitz will
control the TikTok’s U.S. business under a framework the U.S. and China finalized.
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U.S. investors will hold roughly 80% stake and Chinese shareholders owning the rest.
This new company would also have an American-dominated board with one member designated by the U.S. government.
China's ministry of foreign
affairs called the conversation "pragmatic, positive and constructive."