A spate of tech firms and billionaires have positioned bids for TikTok—together with Amazon and AppLovin individually this week—forward of Saturday’s deadline for China-based ByteDance to promote to a U.S. purchaser.
Now, ABC Information is reporting that the Trump Administration is contemplating a leasing deal as a substitute — and the president will signal an government order Friday to increase the ban deadline.
The leasing choice would let China preserve management of its prized TikTok algorithm, although the U.S. firm holding the lease would have a minority stake, a “supply near the deal” informed the outlet. Oracle would supervise the lease, per NPR. Oracle already supplies TikTok with backend tech assist.
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Along with Amazon and AppLovin’s bids this week, formal affords to amass the app have been submitted from billionaire and former L.A. Dodgers proprietor Frank McCourt (who teamed up with Shark Tank investor Kevin O’Leary and Reddit co-founder Alexis Ohanian) in January. AI startup Perplexity additionally submitted a greater than $50 billion provide to merge its enterprise with TikTok’s U.S. division.
The TikTok saga has been ongoing since April 2024 when lawmakers involved about U.S. consumer information making its option to the Chinese language authorities handed a regulation to pressure ByteDance to promote TikTok or face a ban within the U.S. Since then, TikTok went darkish for its 170 million U.S. customers for sooner or later, earlier than Trump signed an government order extending the deadline for 75 days.
The 75 days is up tomorrow.
This can be a breaking information story and shall be up to date.
