White House Nears Approval for TikTok Sale as April 5 Deadline Looms

Photo : AP

The White House is close to saying yes to a plan where American business people will buy TikTok’s work in the United States. This will take the video app away from its Chinese owner, Bytedance. The deadline for TikTok to find a non-Chinese owner is April 5. If it does not find a buyer, it may be banned in the United States because of safety worries.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel  

Officials in Donald Trump’s team will talk about the deal on Thursday. If Trump agrees, the plan may be shared with the public soon. Some big money companies, like Andreessen Horowitz and Blackstone, will own half of TikTok in the US. Other investors, like General Atlantic and KKR, will own 30%. Bytedance will keep less than 20% to follow US rules.

However, this plan also needs China’s approval. China has already said it does not want to sell TikTok. The biggest issue is TikTok’s special computer system, which chooses videos for users. China wants Bytedance to keep running this system, but the US wants an American company to control it.

A company called Oracle, led by Larry Ellison, will help keep TikTok’s US user data safe if the deal happens. Oracle has tried to buy TikTok before.

Many companies want to buy TikTok. Amazon, a large online shopping company, made a last-minute offer. But experts say the original investors are still leading the race to buy TikTok. There is also a smaller company called Zoop, made by Tim Stokely, who started OnlyFans. Zoop is also trying to buy TikTok with help from a crypto business.

The problem started when Joe Biden signed a law saying TikTok must sell its US work to an American company. The US government believes Bytedance might share user data with China, but Bytedance says this is not true. Bytedance even went to court to stop the law, saying it was unfair and against free speech.

Even though TikTok has been under pressure, Donald Trump himself joined the app to post videos for his election campaign. After winning the election, he asked the top US court to delay the TikTok ban. When he became President on January 20, he officially stopped the ban and gave TikTok time to find a buyer. Now, as April 5 is near, people are waiting to see what the White House will do next.