President Donald Trump has signed an executive order that essentially approves the sale of Tikkok’s US operations to a US investor group to keep social media -app operational in the country. Vice President JD Vance said the deal would appreciate Tiktok us to “about $ 14 billion.”
Tiktok was obliged to dispose of his US business or be banned in the United States through a national security law that was originally signed by former President Joe Biden. Trump’s executive order essentially prevents the lawyer or the Ministry of Justice from enforcing this law for 120 days while the disposal plan presented to the president is executed.
Tikkok’s owner bytedance has not yet publicly recognized the agreement or executive order, but on September 19 published a statement that “it will work in accordance with applicable laws to ensure that Tiktok remains available to US users through Tiktok USA”
Trump said China’s President Xi Jinping spoke to him and gave him approval.
“I talked to President Xi; we had a good talk,” Trump said during a briefing with journalists. “I told him what we did and he said, ‘Go ahead with it.’
The order states that Tiktok’s US operations will create a new board and that the app’s recommendation algorithm, source code and content moderation system in the United States will be transferred to control its new owners. Under the terms of the agreement, Oracle will oversee the app’s security operations and provide computer services to Tiktok us.
“It is owned by Americans and very sophisticated Americans,” Trump said during the briefing. “This is American driven all the way.”
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Trump said Oracle would be among US investors in Tiktok US but did not reveal the full list of new owners. CNBC reports that Oracle, Silver Lake and Abu Dhabi-based MGX get a 45% share in Tikkok’s US company.
“This deal really means that Americans can use Tiktok, but actually use it with more confidence than they had before because their data is safe and they will not be used as a propaganda weapon, as it has done before,” Vance said.
During the briefing, Trump declared that “every group, every philosophy, every policy will be treated fairly” after being asked if the algorithm would show maga-related content after the agreement.
Last week, Trump signed an executive order that extended byted dance to divesting Tikkok’s US operations or being banned. This marked the fourth time that Trump extended the deadline.
Trump began the push to ban Tiktok in 2020, and the idea later received Bipartisan support during the bite’s administration.