US President Donald Trumpis expected to approve a deal for TikTok via executive order later this week, declaring it meets the requirements of the law, the Wall Street Journal, citing a senior White House official.
See also: A threat to youth? TikTok faces French investigation
That would end months of discussions between the U.S. and China that have underscored broader trade talks and solidify the timeline for a long-awaited deal to keep the popular short-video app operating in the U.S.
Trump said the United States and China have made progress on a deal that requires the transfer of TikTok's American assets to American owners from China's ByteDance.
An agreement would also stipulate that TikTok's algorithm is "secured, retrained and operated in the United States outside of ByteDance's control," Reuters reported on Saturday, citing a White House official.
Trump had said on Sunday that media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would participate as American investors in a proposed deal to keep TikTok operating in the United States.
See also: TikTok: Agreement between American and Chinese investors
Under the expected deal, TikTok's US assets will be majority-owned by American investors and operated in the United States by a board of directors with national security and cybersecurity credentials, Reuters reported on Saturday.
Existing investors and a group of new U.S. backers, including private equity firm Silver Lake and cloud computing company Oracle, will together own about 80 percent of the company, the WSJ reported on Monday. Reuters reported that the deal requires all U.S. user data to be stored in a U.S. cloud computing infrastructure managed by Oracle.
A consortium of new investors, including private equity firm Silver Lake and Oracle, will own about half of a new entity created to operate TikTok in the US, the WSJ reported.
See also: TikTok: Counts more than 200 million users in Europe
Existing investors, such as trading firm Susquehanna International, will own about 30%, according to the report.
