President Donald Trump is expected to approve a long-sought deal to keep TikTok open for business in the United States, according to reports from The Wall Street Journal and Reuters. The deal, which will reportedly be formalized through an executive order later this week, aims to satisfy national security concerns by transferring TikTok’s U.S. assets from Chinese parent ByteDance to a still-unclear American ownership group.
The agreement follows months of U.S.-China negotiations and is seen as a key moment in broader trade discussions. Under the proposed terms, TikTok’s algorithm will be secured and operated within the U.S., outside of ByteDance’s control. All data from American users will be stored on Oracle-run cloud infrastructure, ensuring compliance with U.S. cybersecurity standards.
A new entity will be created to manage TikTok’s U.S. operations, with a board composed mostly of Americans with national security credentials, Reuters reported. Existing investors and new American partners — including Oracle, Dell Technologies and private equity firm Silver Lake — would collectively own about 80% of the company, the WSJ reported. ByteDance’s stake would fall below 20%.
Over the weekend, Trump named several prominent business figures as potential participants in the deal, including Rupert Murdoch, his son Lachlan Murdoch, Michael Dell and Oracle founder Larry Ellison. Trump praised them as “American patriots” — he is suing the elder Murdoch over the Wall Street Journal’s reporting on his close friendship with Jeffrey Epstein — and expressed confidence in their ability to manage the platform.
The president also revealed that he discussed the TikTok deal directly with President Xi Jinping of China during a recent call. The two governments have until Dec. 16 to finalize the agreement, following the latest deadline extension by Trump.
TikTok has faced scrutiny from U.S. lawmakers over concerns that its algorithm could be manipulated by Chinese authorities to influence content. Congress previously passed legislation — signed by President Joe Biden — calling for a ban on TikTok starting in January, but Trump has repeatedly delayed enforcement while negotiations continue.
Trump has acknowledged his initial bias against TikTok but credited the platform with helping him win over young voters, saying slain conservative activist Charlie Kirk had urged him to embrace it as a powerful tool for engagement.
Although the deal appears to be progressing, key details remain unclear as representatives for Ellison, Dell, and the Murdochs have not commented publicly, and TikTok has yet to issue a formal response.