On April 3, according to the Financial Times, according to the terms of the transaction, several people familiar with the matter revealed that a group of new outside investors, including a16z, Blackstone, Silver Lake Capital and other large private equity capital, will own about half of TikTok's U.S. business. The people said the U.S. business will be spinned out of its Beijing-based parent company ByteDance.

TikTok's existing major investors, including General Atlantic, Susquehanna, KKR and Coatue, will also hold about 30% of the shares in its U.S. business.

The plans are still in their initial stages and are subject to change, according to those involved in the process. This was made before the U.S. legal deadline, which requires that the application be banned in the U.S. unless Beijing owners sell it to non-Chinese entities.

Officials of President Trump are scheduled to meet on Wednesday to discuss the negotiations, with multiple people saying the deal could be announced soon if the president gives it approval. A White House spokesman said: "If there is a statement about TikTok, it will be released by President Trump."

One person warned that the situation is still unstable and that the White House may still suddenly change plans. Under the terms of the transaction, ByteDance will retain less than 20% of its business shares to comply with the requirements of US legislation that "foreign opponents" cannot control more than one-fifth of the shares. The plan still requires months of further due diligence, structural adjustments and other corporate financing commitments, which are typical processes for normal acquisition deals, with structures likely to change and some equity backers may increase or decrease their proposed investments, the people familiar with the matter added. One person said the groups will have three to four months to complete the divestiture process.