A preliminary deal to keep TikTok alive in the United States will not involve the federal government taking an equity stake or a “golden share” in the social media company, a senior White House official said Monday.
The official confirmed that the deal will base the popular video app’s U.S. operations in the states as part of a new joint venture with a board of directors that will have a majority of American members.
Tech giant Oracle will oversee its security operations, the official said during a call with reporters.
Since President Donald Trump took office in January, the United States government has secured a golden share in U.S. Steel and taken an equity stake in Intel.
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