Trump advances TikTok deal with new executive order
Summary
President Trump approved a deal allowing mainly U.S. investors to take control of TikTok from its Chinese owner, ByteDance, due to national security concerns. The agreement ensures that ByteDance has less than 20% ownership in the new company and involves several prominent investors. This is part of a wider U.S. government effort to address security issues by changing TikTok's ownership.Key Facts
- President Trump signed an executive order for U.S. investors to take over TikTok.
- The deal aims to address U.S. national security concerns related to the app's Chinese ownership.
- ByteDance will own less than 20% of the new TikTok entity.
- Prominent investors involved include Oracle's Larry Ellison and News Corp's Rupert Murdoch.
- Vice President J.D. Vance mentioned the company would be valued around $14 billion.
- TikTok has approximately 170 million users in the United States.
- A U.S. law requires foreign-controlled apps to change ownership to reduce security risks.
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