President Donald Trump said China’s President Xi Jinping approved the deal, while TikTok’s parent company ByteDance pledged compliance|@TheWhiteHouse|X
President Donald Trump signed an executive order approving the sale of TikTok’s US operations to American investors. The deal is valued at about $14 billion, according to Vice President JD Vance.
The move prevents a nationwide ban while ensuring TikTok’s data and security stay under American control. The app has 170 million users in the US.
Under the order, TikTok’s US unit will have a new board of directors, and its algorithm, source code, and content moderation system will transfer to American ownership.
Oracle will oversee security operations and provide cloud services. Reports indicate Oracle, Silver Lake, and Abu Dhabi’s MGX will take a 45% stake.
Trump stated that Chinese President Xi Jinping had approved the deal, while TikTok’s parent company, ByteDance, pledged compliance. Vance added that the agreement strengthens user confidence that their data will remain secure.
Additionally, the President announced new tariffs on trucks, furniture, and drugs, effective October 1. Heavy trucks face a 25% levy, furniture 30%, and kitchen cabinets 50%.
Pharmaceutical products could see 100% tariffs, though companies building plants in the US may receive reduced rates to encourage domestic production.