President Donald Trump on Thursday signed an executive order approving a deal to keep TikTok operating in the U.S., with Vice President JD Vance saying it values the business at USD 14 billion. The plan, which still requires Beijing's approval, meets national security law requirements that force ByteDance to divest most of TikTok's U.S. operations or face a ban.
A new joint venture will run the business, with ByteDance holding under 20%. Oracle, Silver Lake, and Abu Dhabi's MGX will control about 45%, while ByteDance investors and new stakeholders will take 35%, CNBC reported. Oracle will also manage TikTok's U.S. security and cloud services.
Trump said Chinese President Xi Jinping gave the green light, though Vance noted Beijing initially resisted. No ByteDance representatives were at the signing, and the company has yet to acknowledge a deal. The purchase price was not disclosed, and China has not yet altered laws needed to finalize the transaction.
Source: Trading Economics
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