US and China reach deal to transfer TikTok ownership, trade official says
7 hours ago
- #TikTok
- #US-China relations
- #technology
- US and China reach framework agreement on transferring TikTok to US-controlled ownership.
- Deal terms are agreed upon but not disclosed; awaiting approval from US and Chinese leaders.
- TikTok ownership dispute dates back to 2020, with previous attempts by Microsoft, Walmart, and Oracle failing.
- Oracle remains TikTok's US cloud provider since 2022 to address security concerns.
- Final details to be settled in upcoming talks between US and Chinese leaders.
- US has over 135 million active TikTok users, including the White House, despite federal restrictions on government devices.