Trump signs executive order to transfer TikTok to US owners
14 hours ago
- #TikTok
- #US-China relations
- #Tech industry
- Donald Trump signed an executive order to transfer TikTok to a US owner, separating it from Chinese owner ByteDance.
- The deal involves US investors taking over 80% of TikTok's US operations, with Oracle leading the investment group.
- A new US company will be formed, valued at $14bn, with a board of directors including cybersecurity experts.
- Trump mentioned investors like Oracle's Larry Ellison, Rupert Murdoch, and Michael Dell, calling them 'great investors.'
- TikTok will continue recommending diverse content, though Trump joked about prioritizing 'Maga-related' content.
- The deal resolves national security concerns and complies with US law, ending months of legal uncertainty.
- Trump credited TikTok with helping his 2024 election win and highlighted its 180 million US users.
- The US will receive taxes from the new company, though Trump initially hinted at a 'tremendous fee.'
- The deal follows bipartisan concerns over data privacy and Chinese influence, leading to a congressional ban threat.
- Trump postponed the ban and finalized the deal, calling it a 'qualified divestiture' to save TikTok.