By Dawn Chmielewski, Kanishka Singh and Milana Vinn NEW YORK/WASHINGTON (Reuters) -The administration of U.S. President Donald Trump is working on a plan to save TikTok that involves tapping software company Oracle and a group of outside investors to effectively take control of the app's operations,

Oracle would reportedly control TikTok's data collection, algorithm, and software updates, but Chinese owner ByteDance would maintain a minority stake.

"TikTok should remain available to Americans, but simply under American ownership or other ownership that addresses the national security concerns identified by Congress in developing this law," the White House said in a statement.

President Donald Trump has pivoted from calling for TikTok to be banned, during his previous term, to now working on a deal to keep the social media app staying in business in the U.S.

President Donald Trump is in the middle of a chaotic race to secure the future of TikTok in America. Speaking aboard Air Force One en route to Florida on Jan. 25, Trump confirmed that multiple discussions are taking place with “substantial people” about buying TikTok’s U.