The Trump administration is currently in negotiations to potentially transfer control of TikTok's operations to a U.S. consortium led by software giant Oracle, aiming to address national security concerns posed by its Chinese-owner, ByteDance. The initiative would enable American investors to take the helm of the popular video-sharing app while allowing ByteDance to retain a minority stake, according to sources familiar with the talks cited by NPR.

President Trump has indicated that he has spoken to multiple parties interested in acquiring TikTok and expects a decision on the app's future in approximately 30 days. "There is great interest in TikTok," Trump remarked during a recent flight, though he clarified he had not personally consulted with Oracle's co-founder Larry Ellison on the matter. The urgency comes as TikTok was recently taken offline just before a national security law mandated it must divest from ByteDance or face a ban. This law took effect on January 19, but Trump signed an executive order to delay the enforcement by 75 days.

The proposed deal aims for Oracle to oversee key functions such as the app's algorithm, data collection, and software updates, thus ensuring a significant reduction in Chinese control over TikTok's operations. "The goal is for Oracle to effectively monitor and provide oversight with what is going on with TikTok," said a source involved in the discussions. Included in the talks are prominent U.S. investors who are part of ByteDance's current backing, including firms such as KKR and General Atlantic.

Despite the negotiations, challenges persist, particularly in gaining Congressional approval for the deal. The law requires a "qualified divestiture" from ByteDance, a requirement that could be open to interpretation by the Trump administration. Moreover, the possibility of eliminating all Chinese influence over TikTok's data and algorithms remains uncertain amid ongoing discussions about the app's valuation, which ByteDance estimates at around $200 billion.

As the situation unfolds, it could lead to a significant shake-up in the app's ownership structure and operational oversight, alleviating some of the national security fears surrounding TikTok's ties to China.

For detailed updates, read more at Forbes and NPR.