A high-stakes competition for TikTok's U.S. operations is underway, with multiple prominent players vying for control as the deadline approaches under Trump's executive order.

Oracle has emerged as the frontrunner to oversee TikTok's operations, with a proposed deal structure that would allow ByteDance to maintain a minority stake while Oracle monitors the app's algorithm, data collection, and software updates.

The deal is expected to include participation from ByteDance's current U.S. investors, including:

• Susquehanna International Group
• General Atlantic
• Kohlberg Kravis Roberts (KKR)
• Sequoia Capital

Meanwhile, Perplexity AI has submitted a revised merger proposal to create "NewCo," offering the U.S. government up to 50% ownership upon future IPO. Other interested parties include Elon Musk, YouTuber MrBeast, Kevin O'Leary, and Steven Mnuchin, though they are not currently involved in the primary negotiations.

Trump has indicated that a final decision regarding TikTok's fate will be made within 30 days. The administration's primary goal is to ensure proper oversight of TikTok's operations while minimizing Chinese ownership influence.

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