On Thursday afternoon, President Donald Trump signed an executive order that facilitates the sale of TikTok to a group of American investors. So, is TikTok officially off the chopping block in the United States? Not quite. Technically, the deal still hasn’t been finalized, according to CNN.
Everything we know about the TikTok deal so far
The executive order declares that the TikTok deal meets the requirements of a 2024 law that banned TikTok from operating in the United States. Moving forward, data for U.S. users would be managed by Oracle, and White House Press Secretary Karoline Leavitt has said that the U.S. algorithm would also be controlled domestically. In addition, Vice President JD Vance said the deal values the U.S. TikTok assets at $14 billion, per Deadline.
In addition to Oracle, the new consortium of owners could include Oracle head Larry Ellison, Dell Technologies CEO Michael Dell, and Fox Corp.
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This comes after years of Trump posturing and signing executive orders to hold off the Biden-era ban, which also took years of posturing and debating.
ByteDance, TikTok’s Chinese parent company, has been on a timeline to either find a new owner or get banned in the U.S. due to security reasons. Trump has signed executive orders to extend the deadline time and time again. Finally, after talks between Trump and Chinese President Xi Jinping, the leaders struck a deal.
