China says the U.S. spinoff of TikTok will use ByteDance’s Chinese algorithm and that the U.S.-agreed framework includes “licensing the algorithm and other IP rights,” The Financial Times reports. Wang Jingtao, deputy head of China’s powerful cyber security regulator, says ByteDance will “entrust the operation of TikTok’s U.S. user data and content security.” Meanwhile, Bloomberg reported that President Donald Trump has signed an executive order to extend the deadline for TikTok’s Chinese parent ByteDance to divest the platform’s U.S. operations until December 16, which will allow TikTok’s U.S. operations to be controlled by a group including Oracle (ORCL), Silver Lake, and Andreessen Horowitz, with Oracle keeping the TikTok cloud contract. Publicly traded companies in the space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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