00:00The White House official says that Oracle will recreate and provide the security for a new version of TikTok's algorithm.
00:07Under the deal, owners of the U.S.-based version of TikTok will lease a copy of the algorithm from ByteDance.
00:14And then Oracle is essentially going to serve as the gatekeeper here, continuously monitoring and operating that algorithm.
00:21The official said the data will be kept in a secure cloud and that ByteDance will not have any access to U.S.-based users' information on the platform.
00:30The algorithm, of course, has long been a sticking point in these negotiations.
00:33And we should add at this point it's unclear if this will satisfy the national security law passed by Congress, though the White House is certainly hoping it will.
00:42An official tells us that President Trump is planning to sign an executive order later this week cementing his approval of the deal.
00:48Though worth mentioning also that we heard from China's foreign ministry on Friday and they fell short of a full endorsement.
00:55As we've been reporting, the structure of a likely TikTok deal is going to take the shape with ByteDance leaving with a less than 20 percent stake.
01:02And then the outside U.S. investors holding a greater majority, including companies like Oracle.
01:08The White House had announced over the weekend some additional details, too, that six out of seven of the board seats will be held by Americans.
01:14That final seat will be held by ByteDance.
01:17John, as you all know, the backdrop to all of this are the ongoing trade negotiations with Beijing.
01:22But as our analysts at Bloomberg Economics point out, while this deal, this movement on TikTok perhaps helped to secure that face-to-face meeting that we're expecting between President Trump and Chinese President Xi Jinping next month,
01:33we're still well away from a fuller, broader trade deal.
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