Social media darling TikTok which is owned by ByteDance is closer to a deal with U.S. lawmakers related to data security and a deal could help ByteDance avoid a sale of the app, according to the New York Times.
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While a preliminary agreement is completed, deal terms still remain under negotiation. Further, under the deal, the app’s U.S. data would remain on U.S. servers and its algorithms could be monitored by Oracle.
TikTok will also put in place a board of security experts and is also banning any political fundraising on the platform.
Here are some stocks that could be affected by this news:
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