NEW YORK, March 21 (Reuters) - White House-led talks on

the future of TikTok are coalescing around a plan for the

biggest non-Chinese investors in parent company ByteDance to up

their stakes and acquire the short video app's U.S. operations,

according to two sources familiar with the discussions.

The plan entails spinning off a U.S. entity for TikTok and

diluting Chinese ownership in the new business to below the 20

percent threshold required by U.S. law, rescuing the app from a

looming U.S. ban, the sources said.

Jeff Yass' Susquehanna International Group and Bill Ford's

General Atlantic, both of which are represented on ByteDance's

board, are leading discussions with the White House on the plan,

the sources said.

Private equity firm KKR was also participating, one of the

sources said.

Under the plan, software giant Oracle would continue to

house U.S. user data and provide assurances that the data is not

accessible from China, this source added.

Representatives for TikTok, ByteDance, Susquehanna, Oracle

and the White House could not immediately be reached for

comment.

General Atlantic and KKR declined to comment.