Donald Trump LIVE: President Trump Signs Executive Order to Bring TikTok Under US Ownership
Donald Trump has signed an executive order approving a deal to keep TikTok available in the US. The popular Chinese-owned social media platform was facing uncertainty over its future in the country, but the new deal could change the scenario. According to sources, TikTok is set to be spun off into a separate US entity to comply with a 2024 law requiring the app’s China-based parent company ByteDance, to divest or face a US ban. The deal comes nine months after the law was originally set to go into effect.
Earlier, US President Trump revealed that he had a "very good talk" with Chinese President Xi Jinping, who reportedly gave the deal the green light. However, it’s unclear whether Beijing is okay with the reported terms. Under the deal, a group of US investors, including Oracle and Silver Lake, will take a majority stake in the new TikTok entity, while ByteDance will maintain less than 20% in equity.
US Vice President JD Vance said that the company will be valued at around $14 billion, and Oracle will provide security for the new TikTok, including inspecting and retraining a copy of the recommendation algorithm on US user data. However, some lawmakers have already voiced concerns about how such an agreement would comply with requirements that the new TikTok sever any operational relationship with ByteDance, including on the algorithm.
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