TikTok’s future in the U.S. is on more solid ground. President Donald Trump and Chinese President Xi Jinping advanced a plan that is understood to hand control of the app’s American business to U.S. investors while shrinking Chinese parent company ByteDance’s ownership.

U.S. President Donald Trump will sign an executive order Thursday confirming that a deal to divest TikTok's U.S. operations from its Chinese owner ByteDance will meet the requirements set out in a 2024 law,

An emerging TikTok deal with China will ensure that U.S. companies control the algorithm that powers the app's video feed and Americans will hold a majority of seats on a board overseeing U.S. operations.

Rumors are flying fast and free lately about who might be involved in a potential deal to save TikTok. Now we know more details.

WASHINGTON (Reuters) -A U.S.-China agreement on TikTok's U.S. operations includes China's ByteDance choosing one of seven board members for the new entity, with Americans holding the six other seats, a senior White House official said on Saturday.

China’s foreign ministry said in a statement late Friday night (Sep 19) that both presidents had a candid and in-depth exchange of views on the current state of China-US relations and other issues of mutual interest.

TikTok has reached a preliminary deal to sell its U.S. operations to an American-based investor group, the White House said.