[Source: Reuters]

President Donald Trump this week will declare that a deal to divest TikTok’s U.S. operations from its Chinese owner ByteDance will meet requirements set out in a 2024 law, a White House official said on Monday, adding that investors will include Oracle (ORCL.N), opens new tab and private equity firm Silver Lake.

ByteDance will own less than 20% while TikTok US will be controlled by a mix of its existing U.S. and global firms as well as a significant number of new investors who have no affiliation with ByteDance, the official said. Reuters reported many of the details on Saturday, opens new tab.

The full slate of investors is not yet finalized. “It’s going to be real household names,” the official added, saying that Trump will sign an executive order certifying that the deal is legal under the law.

The agreement requires that all data on American users will be stored on U.S. cloud computing infrastructure run by Oracle.

Trump said on Sunday that media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States.

The U.S. is confident that China has approved the deal and does not plan further talks with Beijing about its details, the official told reporters on a conference call, but added that additional paperwork is required from both sides to approve the deal.

The Chinese embassy in Washington did not immediately respond to a request for comment. China has not confirmed it has approved the deal and repeated its stance on Saturday, opens new tab.

The official added that the valuation of TikTok’s U.S. assets will be “many billions of dollars.”

The U.S. government will not take a board seat or receive a golden share in the new entity that will own TikTok US. It is unclear if the U.S. government will receive payments as a condition of approval.

Trump is trying to keep the short video app with 170 million U.S. users from being banned after Congress passed a law that ordered it shut down by January 2025 if its U.S. assets were not sold by owner ByteDance.

Trump has delayed enforcement of the law through mid-December amid efforts to extract TikTok’s U.S. assets from the global platform, line up American investors and ensure that the new ownership qualifies as a full divestiture needed under the 2024 law.

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