Trump Finalizes TikTok Deal: US Ownership Approved After China Agreement

Donald Trump signed an executive order, which allows the transfer of TikTok to US ownership. The move follows discussions with Chinese President Xi Jinping. Trump revealed that the TikTok deal was agreed upon during their meeting, with President Xi’s approval. American investors and companies will now manage the popular app, aiming to address security and safety concerns. Trump emphasized the role of major players like Oracle and Larry Ellison. The goal is to give US investors more control of TikTok. ByteDance announced that it would move forward allowing TikTok to continue serving American users. The legislation, passed in April 2024, initially threatened to ban the app, although it has not yet been implemented. The deal entails a group of American investors controlling 80% of the platform, with the remaining shares held by Chinese companies.