Ammon News - President Donald Trump this week will declare that a deal to divest TikTok's U.S. operations from its Chinese owner ByteDance will meet requirements set out in a 2024 law, a White House official said on Monday, adding that investors will include Oracle and private equity firm Silver Lake.

ByteDance will own less than 20% while TikTok US will be controlled by a mix of its existing U.S. and global firms as well as a significant number of new investors who have no affiliation with ByteDance, the official said. Reuters reported many of the details on Saturday, opens new tab.

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.

Reuters