Last month, President Donald Trump announced that a buyer for TikTok in the U.S. had been found. He said Chinese President Xi Jinping is “probably” going to agree to the deal.
Recently, The Information reported that an agreement meeting legal requirements is close to being finalized. This could lead to the creation of a new, separate version of the TikTok app.
However, approval from Chinese regulators is still needed before the deal can go through. Tensions between Beijing and the Trump administration remain unsettled, mainly over ongoing tariff conflicts.
Sources say the U.S. government is near completing a deal to sell TikTok’s American operations. The sale would involve a group of investors who are not Chinese. Oracle is believed to be part of this group. ByteDance, TikTok’s parent company, would hold a small stake to meet legal rules. This setup is meant to follow the Protecting Americans from Foreign Adversaries Act.
Trump previously mentioned that the buyers are a “group of very wealthy people.”
The Wall Street Journal reported today that Oracle has reached a new agreement with the government through the General Services Administration. It’s said to be the first deal of its kind, offering discounts on cloud services. Oracle will give a 75% discount on licensed software as part of the deal.
Meanwhile, TikTok staff are said to be working on a rebranded version of the app, called “M2” internally. This is a follow-up to the current app, which has the code name “M.” The new version is expected to be available in app stores by September 5th.
Last month, President Trump issued a third extension for the app store ban. This extension will expire in mid-September. A source told The Information that the current TikTok app will be removed from stores when the new version is released. The existing app is expected to stop working completely by March 2026.
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