Vice President JD Vance states that the deal is worth 14 billion dollars, equivalent to approximately 130 billion kronor.
Cloud giant Oracle, venture capital firm Silver Lake, and the United Arab Emirates' investment firm MGX will enter as major investors in Tiktok's American operations, reports CNBC, citing sources.
The three companies will control around 45 percent of Tiktok in the USA. Tiktok's Chinese owner Bytedance retains 19.9 percent, while 35 percent goes to Bytedance investors, according to CNBC.
Oracle will be responsible for protecting American users' data, which will be stored in the company's cloud, beyond Chinese insight.
Trump confirms that Oracle's CEO Larry Ellison is part of the new management team, writes CNBC.
It is owned by Americans, and very sophisticated Americans. This will be American-driven all the way, says Trump.
Earlier in September, the Trump administration announced that the USA had reached an agreement with China that the popular Chinese app would be sold to a consortium of American investors.
The USA has, with reference to national security, long demanded that Bytedance sell its American social media operations, but has on several occasions extended the deadline. Recently, the deadline was extended to December 16.
