WASHINGTON—An emerging deal to make China’s popular TikTok app a U.S.-based company stands to reshape the social-media landscape, even as questions persisted Sunday over security concerns and ownership of the new company.
The deal—approved in concept by President Trump this weekend, but pending final approval by the companies involved—would create an online power that could challenge Facebook Inc.’s dominance in social media and become a template for partnerships with other Chinese-owned apps.
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