President Trump’s potential deal to avoid a TikTok ban is taking shape – with several prominent US tech and investor firms set to take majority control of the China-owned app.

Under the proposed terms, a group including billionaire Larry Ellison’s Oracle, Silver Lake and Andreessen Horowitz would form a new entity overseeing TikTok’s US operations, The Wall Journal reported , citing people familiar with the matter.

The US group will reportedly own a combined stake of approximately 80%, with Chinese investors holding the rest. Under the TikTok divestment law passed by Congress last year, Chinese ownership can’t exceed 20%. 3

“We’ve got a deal on TikTok. I’ve reached a deal with China. I’m going to speak to [Chinese President Xi Jinping] on Friday to confirm everything,” Trump told

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