Full details have yet to be released on the deal, which would give an American tech firm control of the platform’s algorithm for US users.
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US tech giant Oracle will receive a copy of TikTok's algorithm to operate for users in the United States, a senior Trump administration official said 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 US 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.
Former US President Joe Biden, a Democrat, signed bipartisan legislation before leaving office in January that requires ByteDance, the Chinese company behind TikTok, to sell its assets to an American company or face a ban.
US President Donald 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.
Over the weekend, Trump said prominent billionaires – including Oracle founder and CEO Larry Ellison, media mogul Rupert Murdoch, and tech founder Michael Dell – could be part of a deal in which the US will take control of the social video platform.
