Tech giant Oracle will receive a copy of TikTok's algorithm to operate for U.S. users, according to a senior official in President Donald Trump's administration on Monday.
Determining next steps for the algorithm, currently owned by the Beijing-based ByteDance, has been one of the most closely watched issues during negotiations over TikTok's future.
The Trump administration official, who insisted on anonymity to discuss the emerging deal, said they believe the plan will satisfy national security concerns over a Chinese company potentially manipulating what is being shown to platform users.
Full details on investors have not been released. However, the official confirmed that Silver Lake, a private equity firm, is part of the investment group.
President Joe Biden, a Democrat, signed bipartisan legislation before leaving office requiring ByteDance, the Chinese company behind TikTok, to sell its assets to an American company or face a ban.
Trump, a Republican, has extended the deadline several times as he worked to reach a deal to keep TikTok available. He spoke to Chinese President Xi Jinping on Friday.
