President Trump has signed an executive order that paves the way for TikTok to transition to American ownership. The deal emerged from talks with Chinese President Xi Jinping. Trump indicated that he received approval from President Xi during a conversation. He stated that the app would be managed by American investors and companies, highlighting the involvement of Oracle and figures like Larry Ellison in maintaining security. He mentioned this is a ‘very good deal’ for the US. Following the discussion, ByteDance released a statement regarding the progress of the transfer of the platform to US ownership. The legislation passed in April 2024, aimed to ban the app, though it hasn’t been enforced. The deal will allow American investors to control 80% of TikTok, with Chinese firms controlling the remaining stake.
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