US President Donald Trump signed an executive order on September 25 allowing TikTok to continue operating in the US. The business was valued at $14 billion, with Oracle, Silver Lake, and MGX becoming the main investors.
US President Donald Trump has signed an executive order approving the sale of TikTok's American assets to a consortium of American investors. This was reported by Bloomberg and CNBC, according to UNN.
Details
President Donald Trump on Thursday, September 25, signed an order approving a deal that allows TikTok to continue operating in the US.
According to Vice President J.D. Vance, the business was valued at $14 billion.
The American leader emphasized that the social network's activities will now comply with data protection requirements.
TikTok will no longer be a propaganda weapon against Americans. The platform will operate honestly and protect data in accordance with the law.
– he said.
It is noted that the deal complies with the requirements of the national security law, according to which Chinese ByteDance is obliged to sell TikTok's operations in the US, otherwise it faces an effective ban on its activities in the country.
Under the terms of the deal, which China has yet to approve, a new joint venture will control TikTok's operations in the US, with ByteDance retaining less than a 20% stake.
– CNBC writes.
The main investors in TikTok's American business will be the technology corporation Oracle, the company Silver Lake, and the investment fund MGX from Abu Dhabi, which will control about 45% of the shares. Another 35% will remain with current investors and new ByteDance shareholders.
ByteDance representatives were not present at the signing, and the company has not confirmed the deal. The purchase price was not disclosed, and there is no indication that the Chinese government has made the legislative changes necessary to conclude the deal.
According to CNBC, President Trump stated that Chinese President Xi Jinping gave his approval to the deal.
I had a very good conversation with Chairman Xi. We talked about TikTok and other things, but we talked about TikTok, and he gave us the green light.
– Trump emphasized to reporters in the Oval Office of the White House.
At the same time, Vance reported that the Chinese government had offered some resistance to the deal.
Recall
Earlier, US President Donald Trump stated that TikTok was being bought by "great American patriots" who are very wealthy and technologically savvy. The Trump administration expects a multi-billion dollar commission from investors for the deal to control TikTok's operations in the US.
US government expects multi-billion dollar commission for TikTok deal – WSJ20.09.25, 12:09 • 4486 views
