Trump signs executive order to lock in TikTok deal — What it means for the U.S

U.S. President Donald Trump signed an enforcement bid Thursday approving a connection that would sphere TikTok successful the US, successful a transaction that, according to Vice President J.D. Vance, values the concern astatine $14 billion.

The woody meets the requirements of the National Security Act, which requires Chinese ByteDance to merchantability TikTok’s US operations oregon look a prohibition connected operating successful the country.

Under the terms, which China has yet to approve, a caller associated task volition oversee TikTok’s US operations, with ByteDance retaining a involvement of little than 20%.

Tech elephantine Oracle, Silver Lake, and Abu Dhabi-based concern money MGX volition beryllium the main investors successful TikTok’s US operations, controlling astir 45% of the company’s shares, portion ByteDance’s investors and caller shareholders volition ain 35%, CNBC reported.

No ByteDance typical was contiguous astatine the signing, and the institution has not confirmed that the transaction is taking place. No acquisition terms was reported, and determination is nary denotation that the Chinese authorities has made immoderate changes to the laws that would beryllium indispensable for the transaction to instrumentality place.

However, Trump said the Chinese President gave the greenish airy for the transaction. Vance, for his part, said the Chinese authorities showed immoderate absorption earlier the deal.

Under the planned deal, Oracle volition oversee the app’s information operations and proceed to supply unreality computing services for the caller US institution TikTok. Trump said Oracle CEO Larry Ellison is portion of the ownership radical and that his institution “plays a precise important role.”