TikTok’s U.S. entity would lease algorithm under deal terms, Axios reports

TikTok’s new U.S. entity would lease a copy of ByteDance’s algorithm, which Oracle would retrain (ORCL), a senior White House official tells Axios, Dan Primack, Sara Fischer, and Ben Berkowitz report. U.S. users wouldn’t need to re-download the app, which would continue to work with TikTok outside the country, according to the report. The White House official says that the Chinese government approved those terms during a bilateral meeting last week in Madrid. President Trump said in a Fox News interview aired Sunday that the investor group is expected to include Michael Dell, Lachlan Murdoch and Rupert Murdoch. President Trump and China’s Xi Jinping agreed to a preliminary framework for the deal on Friday, according to reports. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).