Squawk Pod: "TikTok Makes a Deal: Fmr. TikTok CEO & Signals from Beijing"

CNBC – December 19, 2025
Hosts: Becky Quick, Andrew Ross Sorkin
Key Guests: Kevin Mayer (Fmr. TikTok CEO), Eunice Yoon (Beijing Bureau Chief), Ray Isle (Food & Wine), Steve Liesman (CNBC Economics Reporter)

Overview

This Squawk Pod episode centers on TikTok’s breakthrough joint venture to continue US operations, following years of political scrutiny and calls for a potential ban over national security concerns. The show dives deep into the mechanics and implications of the deal, featuring candid insight from former TikTok CEO Kevin Mayer and Beijing bureau chief Eunice Yoon, as well as discussion about broader China-US tech relations and the regulatory landscape. The program then shifts to lighter territory with Ray Isle’s wine recommendations for the holidays, touching on industry trends and changing American habits.

Key Discussion Points & Insights

1. TikTok’s US Joint Venture Deal

Segment Start: 02:42, Main Segment: 15:31

• Deal Structure:

  • TikTok and parent ByteDance will create a new, US-based joint venture.
  • Investors Oracle, Silver Lake, and UAE’s MGX will collectively hold 50% of new TikTok US.
  • Existing (non-ByteDance) ByteDance investors retain 30%; ByteDance holds 20%.
  • Oracle will act as both investor and “security partner,” hosting US user data in its cloud.
  • The new business will be run by a majority-American board (7 members).
  • The algorithm remains owned by ByteDance but is to be licensed and retrained on US data for American users.
  • Quote – Andrew Ross Sorkin [04:02]:
    "Oracle will function as an investor and also what they're calling the security partner...with sensitive US data being stored in Oracle's US based cloud data centers."

• Regulatory & Security Compliance:

  • Kevin Mayer [16:18]:
    “It does meet that ByteDance seems to be, and Chinese ownership seems to be, below the 20% threshold. You have a very trustworthy American corporation, Oracle, running the algorithm, retraining the algorithm, managing the data flow, making sure data access is limited only to the US. Checks all the boxes.”
  • Oracle to ensure data access is strictly US-only, addressing congressional concerns.

• China’s Response & Algorithm Ownership:

  • Eunice Yoon [17:09]:
    “The signaling that we're getting in the state media is that this has Beijing's approval... That's not a sale of the algorithm. Oracle is only reviewing the algorithm, so there isn't any way that they would be able to copy or steal it.”
  • ByteDance maintains it remains TikTok’s largest shareholder, and state media echoes this narrative.
  • Mayer highlights the necessity for "face saving" language by both US and Chinese regulators.

• Implications for Future Ownership/M&A:

  • Complex ownership structure could make future sale challenging. Kevin Mayer speculates it will likely remain a joint venture, unless ByteDance eventually goes public.

• Smooth User Transition:

  • Mayer sees little technical friction for American users: background app updates will avoid any disruption.
  • Quote – Kevin Mayer [20:49]:
    “I think the app download is probably going to be a bit of a non-issue…Looks like a seamless approach. Looks like it's going to work to me.”

2. Broader Geopolitical & Financial Context

Segment Start: 05:51, 09:12

• Fed Chair Nomination Race:

  • Chris Waller had a “strong interview” with President Trump focusing on job creation (not solely on interest rate policy).
  • BlackRock’s Rick Reeder also scheduled for interviews.
  • Market-watched candidates narrowed to four, including Kevin Hassett and Kevin Warsh.
  • Notable Moment – Steve Liesman [07:24]:
    "The President was said to have been seriously impressed when informed that Governor Waller could bench press 350 pounds."
  • The process emphasizes broader economic issues rather than simply picking a loyalist.

• Book Shoutout:

  • Barack Obama lists Andrew Ross Sorkin’s book ‘1929’ among his picks for the year (05:25).

3. Wine Industry Trends and Holiday Recommendations

Segment Start: 24:27

• Tariffs and Imports:

  • Recent Supreme Court case involving wine tariffs discussed.
  • Tariffs raise costs, leading to popularity of alternative, more affordable wines not from Champagne.

• Non-Alcoholic Wine Boom & Drinking Trends:

  • Alcohol consumption is at an 80-year low (Gallup: only 54% of Americans say they drink).
  • Non-alcoholic beer and wine categories are booming.
  • Quote – Ray Isle [22:30]:
    “I get pitched a new non alcoholic wine probably several times a week, but the category's just exploding.”
  • Causes: health (GLP-1 usage), pot legalization, cost consciousness.

• Consumer Recommendations:

  • French sparkling Chenin Blanc as a champagne alternative (~$20).
  • Domestic red blends like Banshee Mordecai ($24).
  • Italian high-end (~$189) for splurging.
  • Non-alc options praised for improved taste.

• Real Estate Impact:

  • Despite falling demand, Napa and Sonoma real estate prices remain high due to brand prestige.

• Memorable Moments:

  • Lighthearted banter about drinking wine at 6:20 AM and party etiquette (“My friends are like, I'm not bringing you wine. I'll bring you a cake.” – Ray Isle [32:50]).

Notable Quotes & Memorable Moments

• Kevin Mayer [16:18]:
  “You have a very trustworthy American corporation, Oracle, running the algorithm, retraining the algorithm, managing the data flow, making sure data access is limited only to the US. Checks all the boxes.”

• Eunice Yoon [17:09]:
  “The signaling that we're getting in the state media is that this has Beijing's approval…there's a lot of citation of a pro Beijing professor who is saying that this deal is in line with Chinese law.”

• Steve Liesman [07:24]:
  “The President was said to have been seriously impressed when informed that Governor Waller could bench press 350 pounds.”

• Ray Isle [24:27]:
  “Affordable is in the eye of the beholder.”

• Ray Isle [29:47]:
  “Calorie count's lower because most of the calories are alcohol…it's not really sugar. That's the issue with calories.”

• Ray Isle [32:50]:
  “People are scared to bring wine to me, which is kind of unfortunate. My friends are like, I'm not bringing you wine. I'll bring you a cake.”

Key Timestamps

• 02:42 – Details of TikTok's joint venture (hosts)
• 15:31 – Main TikTok discussion with Kevin Mayer & Eunice Yoon begins
• 16:18 – Mayer assesses regulatory compliance
• 17:09 – Yoon provides Beijing's perspective
• 18:17 – Mayer on handling and training the algorithm
• 21:01 – Sale/M&A speculation for TikTok US
• 05:51 – Breaking news on Fed chair interviews (Steve Liesman)
• 07:24 – Waller’s “350 pound bench press” anecdote
• 24:27 – Wine segment launches (Ray Isle)
• 28:01 – Discussion about the non-alcoholic trend
• 30:53 – Impact of demand slump; 30% of Sonoma grapes left unpicked
• 32:50 – Social impact of being a wine expert at parties

Tone & Flow

The episode balanced breaking news and insightful analysis on major tech-policy issues with accessible, light conversation around food, wine, and American lifestyle trends. Moments of humor and camaraderie between hosts and guests kept the episode lively (“Trying to get us a little tipsy at 6:20 in the morning.” – Andrew Ross Sorkin [24:43]).

Conclusion

This episode delivers a layered look at the lasting impact of tech regulation, Chinese-American economic tensions, and evolving holiday consumer habits. The TikTok segment stands out for rare direct commentary from both American and Chinese perspectives, while the wine discussion offers timely, pragmatic advice paired with cultural insight.

Listeners come away with a clear understanding of the TikTok deal’s structure and implications, a peek behind the curtain at top economic policymaking, and a mix of practical and fun guidance for the holiday season.