Under the terms of the deal, a new group of outside investors, including a16z, Blackstone, Silver Lake and other large private equity investors, will own about half of TikTok US business, which will be spun off from its Beijing-based parent company ByteDance, the people said. TikTok existing anchors, including General Atlantic, Susquehanna, KKR and Coatue, will also take about a 30 percent stake in the U.S. business. Those plans are still in the preliminary stages and subject to change, according to people involved in the process. This was made ahead of an April 5 deadline in the U.S. for a law that would ban the app in the U.S. unless owners in Beijing sold it to a non-Chinese entity. President Trump's officials are scheduled to meet on Wednesday to discuss the negotiations, and several people said a deal could be announced soon if the president approves it. A White House spokesperson said: "If there is a statement on TikTok, it will be released by President Trump."