A new U.S.-based joint venture with investors that include Oracle and the private equity firm Silverlake will take control of the popular short video app TikTok, in a proposed deal that a senior White House official said was a compromise that met both U.S. and Chinese law.

The official, who spoke to reporters on condition of anonymity, said the U.S. government would not take a stake or have a seat on the board.

The new venture will get a copy of TikTok's most valuable asset, its content recommendation algorithm, which will then be re-trained on U.S. data, the official said. The software company Oracle will serve as the company's "security provider," overseeing things like how the algorithm works, how the app is updated and how Americans' data is stored.

"All this is going to save TikTok

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