President Donald Trump this week will declare that a deal to divest TikTok's US operations from its Chinese owner ByteDance will meet requirements set out in a 2024 law.
As per White House official investors will include Oracle, opens new tab and private equity firm Silver Lake.
According to Reuters, ByteDance will own less than 20% while TikTok US will be controlled by a mix of its existing US and global firms as well as a significant number of new investors who have no affiliation with ByteDance, the official said.
The full slate of investors is not yet finalized. "It's going to be real household names," the official added, saying that Trump will sign an executive order certifying that the deal is legal under the law.
The agreement requires that all data on American users will be stored on U.S. cloud computing infrastructure run by Oracle.
Trump said on Sunday that media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States.
The US is confident that China has approved the deal and does not plan further talks with Beijing about its details, the official told reporters on a conference call, but added that additional paperwork is required from both sides.
