TikTok was really only gone for a brief cup of coffee. The freshly inaugurated Trump came in at the buzzer to give it an extension. This comes on the heels of him being one of the vocal leaders that wanted it gone in the first place. However, all of this comes with an obvious caveat: they don't want the China-based company ByteDance owning it. Now, it looks like the details are being hammered out where a fresh set of investors will take over the app.
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Recently, NPR reported that the Trump administration is working with software company Oracle and other outside investors to seize control of TikTok. Its current owner ByteDance will still maintain a minor stake in the company. However, the app's lauded algorithm and data collection will all belong to American investors. "The goal is for Oracle to effectively monitor and provide oversight with what is going on with TikTok," a source tells NPR. "ByteDance wouldn't completely go away, but it would minimize Chinese ownership."
New American Investors Are Eyeing Acquisition of TikTok
Oracle and White House officials are reportedly sitting down next week to hammer out more details. Apparently, price points hover in the "tens of billions" at the moment. However, it's not yet known any other conditions or asterisks in the deal so far.
It's entirely plausible that TikTok drastically changes from how we're familiar with it now. One of the big selling points is that it's relatively unfiltered in its news. Local creators and newspeople provide crucial information about what doesn't get mainstream coverage. There's a strong concern amongst users that their voices will be minimized in favor of the app's new potential owners.
Time will certainly tell what will happen with TikTok in the long term. At the very least, it's back now and people don't need to set buildings on fire in protest.
