WASHINGTON, Sept 17 \u2013 A deal has been made between the US and China to keep TikTok running in the US, according to President Donald Trump.<\/p>\n
\u201cWe have a deal on TikTok, I\u2019ve reached a deal with China, I\u2019m going to speak to President Xi on Friday to confirm everything up,\u201d Trump told reporters as he left the White House for a state visit to the UK.<\/p>\n
The social media platform, which is run by Chinese company ByteDance, was told it had to sell its US operations or risk being shut down.<\/p>\n
However, Trump has repeatedly delayed the ban since it was first announced in January. Later on Tuesday, he ordered the deadline extended again, until 16 December.<\/p>\n
The US president said a buyer will be announced soon.<\/p>\n
The Wall Street Journal reported that under a deal being negotiated between the US and China, TikTok\u2019s U.S. business would be controlled by an investor consortium that would include tech company Oracle, private equity firm Silver Lake, and venture capital firm Andreessen Horowitz.<\/p>\n
In a new US entity created under the deal, US investors would hold a roughly 80% stake and Americans would dominate the board, with one member selected by the US government, according to the Journal, which cited people familiar with the matter.<\/p>\n
US users, meanwhile, would move to a new app, currently in the testing phase, that will have content-recommendation algorithms using technology licensed from ByteDance. TikTok\u2019s algorithms are a top reason for the app\u2019s success.<\/p>\n