TikTok's Big Change: Who's Really in Charge Now?

A major shift is happening with TikTok. The US and China have wrapped up a deal to change who owns TikTok in the US. This news came from a top US official who spoke on a Sunday news show. The deal is supposed to be finalized when two big leaders, Donald Trump and Xi Jinping, meet later this week.

Details of the Deal

The official didn't share many details about the deal. But it's part of a bigger plan between the US and China. This plan might lead to a trade agreement when Trump and Xi talk soon.

Background and Implications

This deal comes after Trump made a big move in September 2023. He signed an order to make TikTok find new US-based owners. Most of these owners will be American investors. The deal is worth a lot of money, around $14 billion. American and international investors will own most of TikTok, while the original Chinese company, ByteDance, will have a smaller share.

Key Players

Trump's son, Barron, has been mentioned as a possible board member. Other big names like Rupert Murdoch and Larry Ellison might also be involved. This deal gives the new owners control over TikTok's algorithm, which is a big deal.

Historical Context

Back in 2020, Trump threatened to ban TikTok because of tensions with China over Covid-19. Later, Congress passed a ban, but it was extended several times. The ban was set to start in January 2025, but the deal might change that.

Current Status

Right now, Trump is in Malaysia for a big meeting. He's expected to meet with Xi soon to finalize the deal.