China to work with U.S. to resolve TikTok issue, Bloomberg reports

China’s Commerce Ministry says it will work with the U.S. to resolve issues related to TikTok, but has stopped short of saying it agreed to a deal touted by U.S. President Donald Trump, Bloomberg’s Mark Anderson reports. The deal Trump envisions would spin out TikTok’s U.S. business into a new venture owned mainly by American investors, with ByteDance’s stake shrunk to less than 20%, as required by a national security law. TikTok is expected to sell its U.S. assets to a consortium of investors, likely to include Oracle (ORCL), Silver Lake Management and MGX, according to media reports. ByteDance, TikTok’s global parent, is expected to maintain a minority stake in the U.S. business. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).