TikTok‘s U.S. operations would be controlled by an investor consortium including Oracle, Silver Lake and Andreessen Horowitz, under a framework the U.S. and China are finalizing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

A new company will be created to operate TikTok, with U.S. investors holding a roughly 80% stake and Chinese shareholders owning the rest, the report said. The company would also have an American-dominated board, with one member designated by the U.S. government.

Current users of the app will be asked to shift to a new app, which TikTok has built and is testing, the Post reported.

Reuters had reported in July that TikTok was preparing to launch a standalone app for U.S. users, which was expected to operate on a separate algorit

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