US President Donald Trump has signed an executive order that sets out the plan for the sale of TikTok in the United States. The order was signed in the Oval Office and gives 120 days for ByteDance the parent company of TikTok to transfer its US assets to new investors.
The decision follows four delays by the White House in enforcing the TikTok ban earlier this year. The goal is to keep the popular app operating in the United States while also protecting the privacy of American users.
Vice President JD Vance said the deal is worth about 14 billion dollars. The main investors include Oracle MGX and Silver Lake who together will take nearly half of TikTok US. Oracle co founder Larry Ellison a close ally of Trump is also part of the deal. ByteDance will hold less than 20 percent of the company to comply with United States law.
The White House confirmed that more details about the investor list will be shared soon.
