China's ByteDance gets one of seven seats on the board for TikTok's US business

An agreement between the US and China on TikTok's US business stipulates that China's ByteDance will receive one of seven board seats for the new company, while the other six seats will be filled by Americans, a senior White House official said on Saturday.

President Donald Trump is trying to save the short video app, which has 170 million users in the US, from being banned after Congress passed a law in 2024 requiring the app to be shut down by January 2025 if its US assets are not sold by owner ByteDance.

Trump has postponed implementation of the law until mid-December to separate TikTok's US assets from the global platform, attract American investors, and ensure that the new owners meet the requirements for a complete divestiture under the 2024 law.

Progress in negotiations this week marked a rare breakthrough in months of talks between the world's two largest economies, which have been trying to defuse a far-reaching trade war that has unsettled global markets.

Trump said on Friday that he and Chinese President Xi Jinping had made progress on a TikTok agreement in a phone call and would meet in person in six weeks. However, statements from Beijing have not clarified how far along the progress is.

(Reuters)