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We now know who the new owners of TikTok will be – if Trump gets his deal done with Xi

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A proposal to save TikTok from going dark in the United States would involve investments from a number of US-based venture capital firms, private equity funds and tech companies. Together, the investors would create a new US-based company that will operate the app domestically, sources familiar with the framework told CNN.

The framework of the agreement, which was hammered out by US and Chinese negotiators in Madrid this week, largely mirrors the deal presented to the President Donald Trump in April, before the president announced steep tariffs on China that scrambled talks with Beijing over the popular social media app.

Among the investors, which are expected to own a roughly 80% stake in TikTok, with Chinese shareholders holding the rest, are Oracle, Andreessen Horowitz and Silver Lake, the sources said. The new consortium would also be operated by a majority-US board, including a member appointed by the Trump administration.

The Wall Street Journal first reported on details of the framework discussed in Madrid. The sources cautioned that the framework is still under discussion and could change before Trump and Chinese leader Xi Jinping are slated to speak by phone on Friday, during which the leaders are expected to formally strike the deal on TikTok.

“Any details of the TikTok framework are pure speculation unless they are announced by this administration,” a senior White House official told CNN.

Oracle executive chairman Larry Ellison, who last week briefly became the world’s richest person, has widely been rumored to be involved in discussions to buy TikTok’s US assets. Trump in January had said he would champion Ellison, a Trump supporter, buying the app’s US assets.

Ellison’s company already has a relationship with TikTok: Oracle in 2020 began hosting TikTok’s US data, and it briefly reached a deal with the first Trump administration that year to buy TikTok, before that deal was ultimately blocked.

Although Trump has previously said he would seek a 50-50 joint venture between ByteDance and a new American owner, the law banning TikTok that was passed by a bipartisan group of congresspeople and signed by former President Joe Biden prevents China from owning a stake that’s larger than 20% in TikTok’s US assets.

As the deal continues to be hammered out, Trump on Tuesday signed an executive order extending the enforcement of a TikTok ban in the United States by another three months – an action that may be superseded later if the agreement to sell the social media app’s US assets to an American-backed buyer is finalized.

The executive order was necessary to avoid TikTok going dark in the United States on Wednesday, when the previous extension was set to expire. Trump had previously extended the TikTok ban three times after it initially went into effect on January 19, a day before Trump took office.

The Trump administration on Monday announced a deal has finally been reached between the United States and China to keep TikTok operational for the long term in the United States.

Trump has long sought an elusive deal to wrest TikTok’s US assets from Chinese control, allowing an American investor group to buy it. That was a nonstarter for China for months.

But, US Treasury Secretary Scott Bessent said Tuesday, China ultimate relented following Trump’s threat to shut down TikTok in the United States.

“What turned the tide was a call that Ambassador (Jamieson) Greer and I had with President Trump the night after the first day of negotiations, and President Trump made it clear that he would be willing to let TikTok go dark,” Bessent told CNBC Tuesday.

Bessent said he anticipated Trump and Xi will finalize a deal during a phone call set to take place Friday.

The bulk of the deal — organizing an American-led investor group to buy TikTok’s US assets – had been completed by April, Bessent said. But then Trump’s massive “Liberation Day” tariffs went into effect, effectively putting an embargo on all Chinese goods, and TikTok talks entered a standstill. After tariffs were brought lower and talks between the US and China resumed, Bessent said both Trump and Xi expressed interest in re-engaging on TikTok discussions.

But key details needed to be ironed out, including addressing US national security concerns and China’s willingness to approve the deal.

“We were not willing to give up national security in favor of the deal,” Bessent said. “So we were able to reach a series of agreements mostly for things we will not be doing in the future that will have no impact on national security.”

Ultimately, both sides acquiesced, and Bessent said the deal’s terms and investors will be revealed in the coming days or weeks.

“President Trump showed great leadership and fortitude for what he wanted to see on this deal,” Bessent said. “I think it is highly satisfactory for the US interests.”

Bessent didn’t discuss another point of leverage Trump was holding in TikTok negotiations: a meeting that China has wanted to arrange between Xi and Trump. US officials told CNN Monday that a TikTok agreement was a crucial step toward arranging that meeting, which could take place as soon as next month.

CNN’s Kevin Liptak contributed to this report.





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Texts between Kirk shooting suspect and roommate revealed – CNN

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  1. Texts between Kirk shooting suspect and roommate revealed  CNN
  2. Live updates: Charlie Kirk shooting investigation, suspect Tyler Robinson hearing  CNN
  3. Charlie Kirk Killing Live Updates: Suspect Faces Aggravated Murder Charge, and Death Penalty  The New York Times
  4. Live updates: Charlie Kirk suspected shooter Tyler Robinson attends hearing as Utah pursues death penalty  NBC News
  5. Everything we know about Charlie Kirk’s suspected assassin Tyler Robinson  The Independent



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Mortgage rates drop to 3-year low ahead of Fed meeting

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A completed planned development is seen in Ashburn, Virginia, on Aug. 14, 2024.

Andrew Caballero-Reynolds | AFP | Getty Images

Mortgage rates dropped sharply Tuesday, as investors in mortgage-backed bonds seemed to buy in ahead of a widely expected rate cut by the Federal Reserve.

The average rate on the 30-year fixed mortgage dropped 12 basis points from Monday to 6.13%, according to Mortgage News Daily. That is the lowest level since late 2022.

“The overall set-up is reminiscent of September 2024 when rates were doing the same thing for the same reasons ahead of Fed meeting with a virtual 100% chance of a rate cut,” said Matthew Graham, chief operating officer of Mortgage News Daily. “Back then, mortgage rates moved paradoxically higher after the Fed rate cut. The same thing could happen this time, but it’s by no means guaranteed.”

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It also follows historical trends. In a video podcast for CNBC’s Property Play, Willy Walker, CEO of commercial real estate firm Walker & Dunlop said there have been similar trends in the past.

“If you go back to 1980 and the nine Fed rate cut periods over that 45-year period, the ones where the Fed cuts in a recessionary environment end up pulling down the long end of the curve, pull down the 10-year, pull down the 5-year,” Walker said. “In those where it’s not a recession, which is like right now, it does not impact long-term rates. And so as much as I’m expecting us to see at least a 25 basis point cut, and then probably another 25 basis point cut, even if you take 50 basis points out of the short end of the curve, I don’t expect it’s going to impact the long end of the curve very much.”

He added that he thinks yields are well below where they will be two or three weeks from now.

“I don’t try to predict where rates are going, but I think people … might buy on the rumor and sell on the news. I think you probably see the 10-year sell off a little bit after the Fed actually announces their 25 basis point cut,” Walker said.



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Robert Redford dies at 89

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Robert Redford, the Hollywood golden boy who became an Oscar-winning director, liberal activist and godfather for independent cinema under the name of one of his best-loved characters, died Tuesday at 89.

Redford died “at his home at Sundance in the mountains of Utah — the place he loved, surrounded by those he loved,” publicist Cindi Berger said in a statement. He died in his sleep, but no cause was provided.

After rising to stardom in the 1960s, Redford was one of the biggest stars of the ’70s with such films as “The Candidate,” “All the President’s Men” and “The Way We Were,” capping that decade with the best director Oscar for 1980’s “Ordinary People,” which also won best picture in 1980. His wavy blond hair and boyish grin made him the most desired of leading men, but he worked hard to transcend his looks — whether through his political advocacy, his willingness to take on unglamorous roles or his dedication to providing a platform for low-budget movies.

His roles ranged from Washington Post journalist Bob Woodward to a mountain man in “Jeremiah Johnson” to a double agent in the Marvel Cinematic Universe, and his co-stars included Jane Fonda, Meryl Streep and Tom Cruise. But his most famous screen partner was his old friend and fellow activist and practical joker Paul Newman, their films a variation of their warm, teasing relationship off screen. Redford played the wily outlaw opposite Newman in 1969’s “Butch Cassidy and the Sundance Kid,” a box-office smash from which Redford’s Sundance Institute and festival got its name. He also teamed with Newman on 1973’s best picture Oscar winner, “The Sting,” which earned Redford a best-actor nomination as a young con artist in 1930s Chicago.

Film roles after the ’70s became more sporadic as Redford concentrated on directing and producing, and his new role as patriarch of the independent-film movement in the 1980s and ’90s through his Sundance Institute. But he starred in 1985’s best picture champion “Out of Africa” and in 2013 received some of the best reviews of his career as a shipwrecked sailor in “All is Lost,” in which he was the film’s only performer. In 2018, he was praised again in what he called his farewell movie, “The Old Man and the Gun.”

“I just figure that I’ve had a long career that I’m very pleased with. It’s been so long, ever since I was 21,” he told The Associated Press shortly before the film came out. “I figure now as I’m getting into my 80s, it’s maybe time to move toward retirement and spend more time with my wife and family.”

Sundance is born

Redford had watched Hollywood grow more cautious and controlling during the 1970s and wanted to recapture the creative spirit of the early part of the decade. Sundance was created to nurture new talent away from the pressures of Hollywood, the institute providing a training ground and the festival, based in Park City, Utah, where Redford had purchased land with the initial hope of opening a ski resort. Instead, Park City became a place of discovery for such previously unknown filmmakers as Quentin Tarantino, Steven Soderbergh, Paul Thomas Anderson and Darren Aronofsky.

“For me, the word to be underscored is ‘independence,’” Redford told the AP in 2018. “I’ve always believed in that word. That’s what led to me eventually wanting to create a category that supported independent artists who weren’t given a chance to be heard.

“The industry was pretty well controlled by the mainstream, which I was a part of. But I saw other stories out there that weren’t having a chance to be told and I thought, ‘Well, maybe I can commit my energies to giving those people a chance.’ As I look back on it, I feel very good about that.”

Sundance was even criticized as buyers swarmed in looking for potential hits and celebrities overran the town each winter.

“We have never, ever changed our policies for how we program our festival. It’s always been built on diversity,” Redford told the AP in 2004. “The fact is that the diversity has become commercial. Because independent films have achieved their own success, Hollywood, being just a business, is going to grab them. So when Hollywood grabs your films, they go, ‘Oh, it’s gone Hollywood.’”

By 2025, the festival had become so prominent that organizers decided they had outgrown Park City and approved relocating to Boulder, Colorado, starting in 2027. Redford, who had attended the University of Colorado Boulder, issued a statement saying that “change is inevitable, we must always evolve and grow, which has been at the core of our survival.”

Redford’s affinity for the outdoors was well captured in “A River Runs Through It” and other films and through his decades of advocacy for the environment, inspired in part by witnessing the transformation of Los Angeles into a city of smog and freeways. His activities ranged from lobbying for such legislation as the Clean Air Act and Clean Water Act to pushing for land conservation in Utah to serving on the board of the Natural Resources Defense Council.

Redford was married twice, most recently to Sibylle Szaggars. He had four children, two of whom have died — Scott Anthony, who died in infancy, in 1959; and James Redford, an activist and filmmaker who died in 2020.

Redford’s early life

Robert Redford was born Charles Robert Redford Jr. on Aug. 18, 1936, in Santa Monica, a California boy whose blond good looks eased his way over an apprenticeship in television and live theater that eventually led to the big screen.

Redford attended college on a baseball scholarship and would later star as a middle-aged slugger in 1984’s “The Natural,” the adaptation of Bernard Malamud’s baseball novel. He had an early interest in drawing and painting, then went on to study at the American Academy of Dramatic Arts, debuting on Broadway in the late 1950s and moving into television on such shows as “The Twilight Zone,” “Alfred Hitchcock Presents” and “The Untouchables.”

After scoring a Broadway lead in “Sunday in New York,” Redford was cast by director Mike Nichols in a production of Neil Simon’s “Barefoot in the Park,” later starring with Fonda in the film version. Redford did miss out on one of Nichols’ greatest successes, “The Graduate,” released in 1967. Nichols had considered casting Redford in the part eventually played by Dustin Hoffman, but Redford seemed unable to relate to the socially awkward young man who ends up having an affair with one of his parents’ friends.

Actors Robert Redford, Elizabeth Ashley, and Kurt Kaznar appear on opening night of their play "Barefoot in the Park" in New York on Oct. 23, 1963. (AP Photo/Marty Lederhandler, File)

Actors Robert Redford, Elizabeth Ashley, and Kurt Kaznar appear on opening night of their play “Barefoot in the Park” in New York on Oct. 23, 1963. (AP Photo/Marty Lederhandler, File)

Actors Robert Redford and Jane Fonda hug as they pose for photographers at the photo call of the film "Our Souls at Night" during the 74th edition of the Venice Film Festival in Venice, Italy, on Sept. 1, 2017. (Photo by Joel Ryan/Invision/AP, File)

Robert Redford and Jane Fonda hug at the photo call of the film “Our Souls at Night” during the 74th edition of the Venice Film Festival in Venice, Italy, on Sept. 1, 2017. (Photo by Joel Ryan/Invision/AP, File)

“I said, ‘You can’t play it. You can never play a loser,’” Nichols said during a 2003 screening of the film in New York. “And Redford said, ‘What do you mean? Of course I can play a loser.’ And I said, ‘OK, have you ever struck out with a girl?’ and he said, ‘What do you mean?’ And he wasn’t joking.”

Indie champion, mainstream star

Even as Redford championed low-budget independent filmmaking, he continued to star in mainstream Hollywood productions himself, scoring the occasional hit such as 2001’s “Spy Game,” which co-starred Brad Pitt, an heir apparent to Redford’s handsome legacy whom he had directed in “A River Runs Through It.”

Ironically, “The Blair Witch Project,” “Garden State,” “Napoleon Dynamite” and other scrappy films that came out of Sundance sometimes made bigger waves — and more money — than some Redford-starring box-office duds like “Havana,” “The Last Castle” and “An Unfinished Life.”

Redford also appeared in several political narratives. He satirized campaigning as an idealist running for U.S. senator in 1972’s “The Candidate” and uttered one of the more memorable closing lines, “What do we do now?” after his character manages to win. He starred as Woodward to Hoffman’s Carl Bernstein in 1976’s “All the President’s Men,” the story of the Washington Post reporters whose Watergate investigation helped bring down President Richard Nixon.

With 2007’s “Lions for Lambs,” Redford returned to directing in a saga of a congressman (Tom Cruise), a journalist (Meryl Streep) and an academic (Redford) whose lives intersect over the war on terrorism in Afghanistan.

His biggest filmmaking triumph came with his directing debut on “Ordinary People,” which beat Martin Scorsese’s classic “Raging Bull” at the Oscars. The film starred Donald Sutherland and Mary Tyler Moore as the repressed parents of a troubled young man, played by Timothy Hutton, in his big screen debut. Redford was praised for casting Moore in an unexpectedly serious role and for his even-handed treatment of the characters, a quality that Roger Ebert believed set “the film apart from the sophisticated suburban soap opera it could easily have become.”

Redford’s other directing efforts included “The Horse Whisperer,” “The Milagro Beanfield War” and 1994’s “Quiz Show,” the last of which also earned best picture and director Oscar nominations. In 2002, Redford received an honorary Oscar, with academy organizers citing him as “actor, director, producer, creator of Sundance, inspiration to independent and innovative filmmakers everywhere.”

“The idea of the outlaw has always been very appealing to me. If you look at some of the films, it’s usually having to do with the outlaw sensibility, which I think has probably been my sensibility. I think I was just born with it,” Redford said in 2018. “From the time I was just a kid, I was always trying to break free of the bounds that I was stuck with, and always wanted to go outside.”

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This story has been corrected to update Redford’s birth year to 1936, not 1937.

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Associated Press journalists Hillel Italie, Jake Coyle and Mallika Sen contributed to this report. Bob Thomas, a longtime Associated Press journalist who died in 2014, was the principal writer of this obituary.





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