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Trump approves TikTok sale plan to US-led investors
More details about a possible change in TikTok’s ownership have emerged as President Donald Trump signed an executive order approving a deal that would prevent the popular Chinese-owned video app being outlawed in the United States. Vice President JD Vance said the app would be valued at about US$14 billion (A$21.4 billion) in the proposed sale, below analysts’ estimates of $30 billion to $35 billion and a fraction of the $330 billion that TikTok's Chinese parent, ByteDance, values itself at. Trump said his plan for TikTok's U.S. operations to be sold to U.S. and global investors would address the national security requirements of a so-far unenforced 2024 law banning TikTok unless it is sold by its Chinese owners. He said Oracle Corporation founder Larry Ellison, Dell Technologies CEO Michael Dell, Fox Corporation and News Corporation Chairman Emeritus Rupert Murdoch and other “world-class investors" would be part of the deal with ByteDance retaining less than 20%. But the ownership details varied in other news articles, with Reuters reporting in this story that three investors, including Oracle and private-equity firm Silver Lake, would buy 50% and a CNBC article naming Abu Dhabi-based MGX as an investor. Trump sai
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Ellison, Dell and Murdoch to take over TikTok: Trump
A group of high-profile investors including Larry Ellison, Michael Dell and Lachlan Murdoch plan to take control of TikTok, according to United States President Donald Trump. Trump named them during an interview as being part of a deal to keep the social media platform operating in the United States, where the President wants it banned unless it is sold by Chinese parent ByteDance. Trump said in an interview on Fox News’ The Sunday Briefing the group consisted of “very prominent people” and “American patriots” who would “do a really good job” overseeing TikTok’s U.S. operations, according to media reports. “You know, they’re very well-known people. And Larry Ellison is one of them. He’s involved. He’s a great guy. Michael Dell is involved. I hate to tell you this, but a man named Lachlan is involved,” Trump was quoted as saying. Ellison, the Oracle Corporation founder and world’s richest person, and Dell, the CEO of Dell Technologies, are Republican donors and have been previously linked to the TikTok talks while Murdoch is the Executive Chair of Fox Corporation. The Murdoch investment would come through Fox Corp with neither Lachlan nor his 94-year-old father Rupert investing as individuals, according to this Reute
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US, China reach deal to keep TikTok operating in US
The United States and China have reached a deal for TikTok to continue operating in the U.S., President Donald Trump said. A new company will reportedly be formed to manage TikTok’s U.S. operations, with U.S. investors owning an 80% stake. Trump has also signed an executive order delaying the enforcement of the TikTok ban for a fourth time. “We have a deal on TikTok, I've reached a deal with China, I'm going to speak to President Xi on Friday to confirm everything up,” Trump said. The new entity operating TikTok’s U.S. business will be controlled by a consortium including Oracle, Andreessen Horowitz, and Silver Lake, per the Wall Street Journal. TikTok’s Chinese parent company, ByteDance, will hold a roughly 20% stake in the company, and one board member will be chosen by the U.S. government. U.S. TikTok users will change to a new app, which is reportedly being tested by TikTok. This app will include a recreated version of TikTok’s flagship algorithm, licensed from ByteDance. The deal is set to close in 30 to 45 days, CNBC reported. The fourth delay in the TikTok ban’s enforcement will expire on 16 December. Oracle, a current TikTok cloud partner, would continue to handle all U.S. users’ data. A U.S. law to
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US, China etch TikTok deal with Oracle as likely suitor
United States and Chinese officials announced on Monday they have reached a framework agreement to transfer TikTok to U.S.-controlled ownership - just two days before a 17 September deadline that could have shuttered the app for 170 million American users. Treasury Secretary Scott Bessent, speaking from the Madrid trade talks, confirmed that "commercial terms have been agreed upon" between two private parties, though he declined to specify ownership structure details. The framework preserves what Bessent described as TikTok's "Chinese characteristics" while addressing core U.S. security concerns. It means ByteDance might retain some involvement - but American hands will control operations. Similar scrutiny could extend to other Chinese-owned applications like WeChat, CapCut, and Temu, creating both regulatory risks and acquisition opportunities across the tech sector. ByteDance's willingness to negotiate suggests pragmatism, yet Reuters previously reported that if forced to choose between selling with the algorithm or shutting down completely, ByteDance would prefer closure rather than surrender its core technology. A preservation of "Chinese characteristics" does, however, hint at a compromise on algorithm contr
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White House opens TikTok account before ban deadline
The White House has opened an official TikTok account, weeks before the United States’ deadline for the app to be banned or sold. Under a 2024 law, TikTok must divest from its China-based owner ByteDance or be banned in the U.S. The deadline for it to do so has been extended three times, with the latest extension set to expire on 17 September. “Every day, I wake up determined to deliver a better life for the people all across this nation. I am your voice,” U.S. President Donald Trump says in the account’s first video. The account has not posted about the ban, and White House press secretary Karoline Leavitt did not comment on the upcoming deadline. “The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible,” she said. Trump’s 2024 presidential campaign also maintained a TikTok account, though it has not posted since November. A TikTok ban was originally proposed in 2020 during the first Trump administration, alleging China’s government could compel ByteDance to give up U.S. users’ data, with the divest-or-ban law being passed in 2024. The app was unavailable in the U.S. for one day before the law

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Snap shares fall on revenue miss, continued losses
Snap shares have fallen after the company reported it missed revenue estimates last quarter, with its net losses continuing to mount. Revenue was US$1.34 billion, up 9% year-over-year but below LSEG estimates of $1.35 billion. Its net loss per diluted share continued to drop from $0.15 to $0.16. “Our global community continued to grow in Q2, reaching 932 million Monthly Active Users as we continued to invest in AI and augmented reality,” said Snap CEO Evan Spiegel. “With meaningful inventory and conversions growth this quarter, including the broader rollout of Sponsored Snaps, we’re excited about the opportunity to translate improved advertiser performance into topline acceleration.” Snap’s revenue was impacted by a since-reverted update to its ad platform, the timing of Ramadan, and the end of the U.S.’ tariff exemptions on packages worth less than US$800, the company said. Its total net loss last quarter was US$262.57 million, sinking year-over-year from a loss of $248.62 million. Advertising revenue was up 4% to US$1.17 billion, which the company credited to 5% revenue growth in direct response advertising. Snapchat reached 932 million global monthly active users last quarter, rising 7%, while daily active
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AI ad surge fuels Reddit's bullish revenue projection
Reddit's performance as a community-driven platform with expanding monetisation capabilities continued to be strong in the second quarter of 2025. Daily Active Uniques (DAUq) rose 21% year-over-year to 110.4 million, with international users contributing significantly to the growth. Total revenue surged 78% to $500 million, driven largely by advertising, which accounted for $465 million — an 84% increase from the prior year. Gross margin expanded to 90.8%, up 130 basis points, reflecting improved operational efficiency.Reddit's letter to shareholdersNet income reached $89 million, reversing a $10 million loss in the same period last year. Adjusted EBITDA climbed to $167 million, representing 33% of revenue, while operating cash flow improved to $111 million, up $83 million year-on-year.Credit: redditU.S. revenue totaled $409 million, a 79% increase, and international revenue rose 71% to $91 million. Basic and diluted earnings per share were $0.48 and $0.45, respectively. Free cash flow matched operating cash flow at $111 million, up $84 million from Q2 2024. Looking ahead, Reddit issued optimistic guidance for the third quarter of 2025. The company expects revenue between $535 million and $545 million, with ad
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YouTube to be included in under-16s social media ban
YouTube’s exemption from the under-16s social media ban in Australia has been overturned. The video sharing platform will be classified as an age-restricted social media platform under the legislation alongside Facebook, Instagram, Snapchat, TikTok and X. Any of these sites failing to block sign-ups and active accounts belonging to under-16s from 10 December will incur a penalty of up to A$49.5 million. "There's a place for social media, but there's not a place for predatory algorithms targeting children,” Communications Minister Anika Wells said. "There is no one perfect solution when it comes to keeping young Australians safer online — but the social media minimum age will make a significantly positive difference to their wellbeing." YouTube Kids is still expected to be exempt from the ban, as there is no ability to communicate with others through the platform. However, YouTube differs from other social media sites as users can access content without an account, meaning under-16s can use the platform in a logged-out state that doesn’t allow them to comment on videos or subscribe to channels. Google has said it will consider its next steps in engaging with the government. “We share the Government's goal of
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Twitter co-founder Dorsey's new messaging app Bitchat
Twitter co-founder Jack Dorsey has launched Bitchat, a new messaging app that operates over Bluetooth networks. Bitchat, a potential rival to WhatsApp or Signal, offers encrypted communication without requiring access to the internet or mobile networks. It is available in beta, with a full release date yet to be announced. “Bitchat addresses the need for resilient, private communication that doesn't depend on centralised infrastructure,” said Dorsey in a white paper describing the app. “By leveraging Bluetooth Low Energy mesh networking, Bitchat enables direct peer-to-peer messaging within physical proximity, with automatic message relay extending the effective range beyond direct Bluetooth connections.” According to Dorsey, Bitchat messages can be sent between nearby devices. These devices can also form local Bluetooth clusters to pass messages forward, connecting users up to 300 metres apart. Later updates will add Wi-Fi Direct, which can bridge two devices without an intermediary internet connection, as another option to send messages. The app does not require any servers or infrastructure. Users do not need to provide a phone number or email. The most widely available Bluetooth messaging app, Bridgefy, was