Here's your Forbes Daily Briefing bonus story of the week.

Today on Forbes, Trump's TikTok deal seems like a repackaged version of the one the Biden White House rejected.

After years of unsuccessful negotiations, TikTok's Chinese parent company, Bite Dance, appears to have finally found a White House it can

sweet talk. The tech giant seems poised to retain control over a number of TikTok's core

business functions in the U.S., including its advertising, e-commerce, and recommendation systems,

despite an executive order signed by Trump saying that, quote, TikTok's United States application

will be operated by a newly established joint venture based in the United States.

The Chinese firm will also retain approximately 50% of the new U.S. TikTok's revenue

through a set of revenue-sharing agreements between the new U.S. TikTok entity and its former parent.

Trump's executive order declares that the new TikTok will have, quote,

no operational relationship with BightDance, despite reporting showing that the deal will enable

BightDance's continued control over advertising and e-commerce, and despite revenue-sharing agreements that will allow

ByteDance to continue to own, control, and profit from TikTok's recommendations algorithm.

Much of the Trump-Tick-Tock plan recalls a draft agreement that ByteDance negotiated with the Biden

administration in 2022, and which Forbes exclusively reported in 2023.

In that agreement, too, the Chinese parent company would have retained visibility into,

and in some cases control over, key functions at the new U.S. entity, including decisions about

budgeting, asset sales, debt, and bankruptcy. But even in the draft

agreement that the Biden administration rejected, BytDance would have ceded some control over

TikTok's U.S. advertising and e-commerce arms to the new U.S. TikTok entity.

Known as Project Texas, the earlier BightDance proposal, centered around the creation of a new

U.S. legal entity known as TikTok U.S. data services, or U.S.DS.

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