US TikTok deal gives Americans 6 of 7 board seats: White House

She added that TikTok’s algorithm and data operations in the country would also be under American control.

The arrangement comes after talks in Madrid earlier this week between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, which produced a framework agreement to separate TikTok’s American business from its Chinese parent company ByteDance.

President Donald Trump has extended the deadline for ByteDance to sell its stake until December 16, after Congress passed a law requiring divestment by January 2025.

Leavitt said the final agreement was close. “All of those details have already been agreed upon, now we just need this deal to be signed and that will be happening, I anticipate, in the coming days,” she said.

The deal would limit ByteDance to no more than a 20 per cent holding. New investors are expected to include Oracle Corp, Andreessen Horowitz and private equity firm Silver Lake Management LLC.

Trump, who had earlier criticised TikTok, told reporters this week that the app would be “owned by all-American investors” and said Oracle would lead on safeguarding data and privacy.