President Donald Trump has officially signed an executive order that allows TikTok to remain active in the United States under new ownership. The deal with transfer majority control of the social media app to a group of American investors after months of uncertainty surrounding its future.
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The agreement follows a bipartisan law that required TikTok’s China-based parent company, ByteDance, to sell its U.S. assets or face a nationwide ban. Trump confirmed that Chinese President Xi Jinping approved the terms of the deal during a recent phone call.
Vice President JD Vance announced that the new U.S. based company will be valued at around $14 billion and will control TikTok’s algorithm and data security operations, per NBC News and CNBC.
Database company Oracle will play a key role, along with other high-profile investors, including Dell CEO Michael Dell and News Corp’s Rupert Murdoch.
The investors are “all very well-known people, very famous people actually, financially,” according to Trump.
As for whether the algorithm will skew pro-Trump‘s MAGA camp, he said: “I always like MAGA-related. If I could make it 100% MAGA, I would, but it’s not going to work out that way, unfortunately. No, everyone’s going to be treated fairly. Every group, every philosophy, every policy will be treated very fairly.”
At the same time, the President is currently threatening to sue ABC.
