The U.S. administration, led by President Trump, has reportedly finalized a deal concerning TikTok’s future in the country. Major tech financial players, including Oracle, Silver Lake, and Andreessen Horowitz, are expected to own the majority stake in a new U.S. version of the popular app, comprising about 80% of its shares.

Trump previously voiced his concerns about TikTok, claiming that the app posed a national security threat due to its ties with China, leading to his administration’s initiative to ban it. The new company will function under American ownership but have its content recommendation algorithms licensed from TikTok’s current parent company, ByteDance.

Trump remarked, “We’ve reached a deal on TikTok. I’m going to speak to President Xi on Friday to confirm everything up.”

This dramatic shift will require current TikTok users to transition to a newly established app, ensuring that the platform operates safely within national interests.