Summary
President Donald Trump signed an order detailing a plan for the sale of TikTok's U.S. operations by ByteDance. The sale involves forming a group of new investors, including Oracle, to manage TikTok's U.S. assets. The plan aims to fulfill legal requirements to avoid banning TikTok while protecting American user data.
Key Facts
- President Trump signed the order to outline the sale plan for TikTok's U.S. operations.
- ByteDance must sell its U.S. assets to avoid a ban, as required by a U.S. law.
- Oracle, along with MGX and Silver Lake, will be key investors in TikTok's U.S. operations.
- A deadline of January was set for the sale, which has been postponed several times.
- The deal is valued at about $14 billion.
- ByteDance will retain less than 20% of TikTok U.S. to meet legal requirements.
- The order aims to keep TikTok operating in the U.S. while protecting American data privacy.
- Full details on the investors involved will be announced later.
