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A preliminary deal to keep TikTok alive in the United States will not involve the federal government taking an equity stake or a " golden share " in the social media company, a senior White House official said Monday.

The official confirmed that the deal will base the popular video app's U.S. operations in the states as part of a new joint venture with a board of directors that will have a majority of American members.

None of those board members will be selected by the government, the official said during a call with reporters.

Tech giant Oracle will oversee its security operations, the official said.

President Donald Trump will sign an executive order later this week backing the proposed deal,

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