A White House-approved plan to transform TikTok into a U.S.-based company would keep the operation of the viral short-video app, and likely the algorithm that has powered its rise, in Chinese hands. This structure improves the deal’s chances of finding favor in Beijing, which had threatened to veto a sale.
President Trump said Saturday he had given his blessing to a deal that would see TikTok partner with Oracle Corp. and Walmart Inc. to form a new entity called TikTok Global that would provide services to TikTok’s current…
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