00:00The Trump administration says Oracle will take over TikTok's algorithm for U.S. users
00:06in a bid to avoid a nationwide ban.
00:10A senior official said the deal would give the U.S. tech giant a copy of the algorithm
00:15now owned by China's ByteDance to ease U.S. fears over potential manipulation of content.
00:24Good afternoon, everyone.
00:25TikTok will be owned by a majority of American investors and controlled by a board of directors
00:30with extensive national security and cybersecurity credentials.
00:34In partnership with the U.S. government, Oracle will serve as TikTok's trusted security provider
00:39and they will independently monitor the safety and data security of all U.S. user data on TikTok's platform.
00:46Americans' data will be stored securely in the United States without access from China.
00:51Before he left office, former President Joe Biden signed legislation requiring ByteDance
00:57to sell TikTok's U.S. operations or face a steep ban.
01:03Donald Trump has repeatedly extended the deadline as negotiations continued over the app's future.
01:09Over the weekend, he name-checked Oracle CEO Larry Ellison and some of his allies and billionaires
01:14such as Rupert Murdoch and Michael Dell as being part of the deal.
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