It looks like we’re one step closer to putting this whole TikTok saga behind us. According to US Treasury Secretary Scott Bessent, US President Donald Trump and China President Xi Jinping are expected to “consummate” the TikTok deal this Thursday.
Trump to close TikTok deal this Thursday
According to Bessent, “We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea. My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.”
Last month, Trump signed an executive order that would see ByteDance sell its TikTok US operations to American-owned companies. Ever since he came into power, Trump had been pushing for China and ByteDance to sell TikTok. This was based on concerns that ByteDance is a Chinese company. The US government was worried that data of US citizens and users would be sent back to China.
Under the Biden administration, TikTok was due to be banned in the US at the start of the year. However, following Trump’s re-election, he extended the deadline of the ban several times. At one point, it looked like we would never hear the end of this whole TikTok saga. But come Thursday, Trump will officially close the TikTok deal and put it to bed once and for all.
What does the future of TikTok look like?
Once the deal has been closed, TikTok’s US operations will come under control of a new board of directors. Oracle will be responsible for security operations. These board of directors are also expected to oversee TikTok’s recommendation algorithm, source code, and also take over duties when it comes to the moderation of content.
Note that this only applies to TikTok in the US. For the rest of the world, your TikTok experience should remain the same. However, we have to wonder if TikTok US could undergo a huge change. TikTok’s algorithm is kind of what gives the platform an edge over competitors like Instagram Reels.
But if US companies and engineers are taking over the algorithm to make their own tweaks, what could this mean for creators based in the country? Could they see a drop in views? We suppose we’ll have to wait and see.
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