US And China Ready To Agree On TikTok Agreement On October 30
JAKARTA The US and China will finalize an agreement on the future of TikTok on Thursday, October 30. This was conveyed directly by US Treasury Secretary Scott Bessent.
As reported by TechCrunch, Bessent directed that the two countries had reached a 'final agreement'. All details of the agreement have been completed after the initial framework was agreed in September in Madrid.
Bessent added that US President Donald Trump and Chinese President Xi Jinping will finalize the deal on Thursday in South Korea. When asked about the details specifically, Bessent refused to answer because of his secret nature.
"My job is to get China to approve the transaction and I believe we have managed to achieve it in the last two days," Bessent said. This is progress for the US because Trump has extended the time limit for TikTok divestment repeatedly.
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With the establishment of a new agreement between the US and China, the TikTok operation will undergo major changes. This will have an impact on recommendation algorithms, source codes, and content moderation processes in the US.
All TikTok operations in the US will be under the control of the new board of directors. Meanwhile, Oracle will take responsibility for app security operations. Oracle is led by Trump's ally, Larry Ellison, who is also reportedly one of the investors.
Other investors reportedly involved in this joint venture are Fox Corp, Andreessen Horowitz, and Silver Lake Management. Fox's participation has been confirmed earlier by Trump.