Trump signed an executive order approving a $14 billion US version of TikTok, backed by American investors and endorsed by China’s Xi Jinping.
President Donald Trump on Thursday signed an executive order approving a US-based version of TikTok, saying it meets the requirements of a law threatening to ban the app unless its Chinese parent, ByteDance, divested its American operations.
At the White House signing, Trump named key investors, including Oracle founder Larry Ellison, media mogul Rupert Murdoch, and tech investor Michael Dell. “If I could make it 100 percent MAGA I would, but it’s not going to work out that way unfortunately. No… every group, every philosophy, every policy, will be treated very fairly,” he said.
Vice President JD Vance, who oversaw the negotiations, estimated the US entity’s value at $14 billion. A White House official said TikTok’s prized algorithm would be “continuously monitored” to prevent undue influence.
Trump added that Chinese President Xi Jinping had approved the deal in a recent call. Beijing’s state broadcaster later said Xi stressed support for market-based negotiations.