This is according to two sources familiar with the discussions.

The plan entails spinning off a US entity for TikTok and diluting Chinese ownership in the new business to below the 20% threshold required by US law, rescuing the app from a looming US ban, said the sources, who asked to be kept anonymous because they were not authorised to speak on the record.

Jeff Yass' Susquehanna International Group and Bill Ford's General Atlantic, both of which are represented on ByteDance's board, are leading discussions with the White House on the plan, the sources said.

One of the sources said that private equity firm KKR is also participating.
The fate of the short video app used by nearly half of all Americans has been up in the air since a law took effect on January 19 requiring ByteDance to either sell it or face a ban on national security grounds.

--Reuters--