President Donald Trump has signed an executive order approving a framework deal for TikTok’s US operations, valued at $14 billion. Under the agreement, TikTok will be majority-owned and controlled by US-based companies, with a new board to oversee data protection and national security.
Oracle, Silver Lake, and Abu Dhabi–based MGX will hold 45%, while ByteDance investors keep 35%. The deal averts a ban under the 2024 divest-or-ban law, which had faced multiple deadline extensions.
Trump, who once pushed for a full TikTok ban, softened his stance partly due to his popularity on the app and potential voter backlash.
Source: The Verge
