President Donald Trump on Thursday signed an executive order approving a proposed deal that would keep TikTok alive in the U.S. Under the deal’s terms, which China must still approve, a new joint-venture company will oversee TikTok’s U.S. business while ByteDance holds less than 20% of the stock. Vice President JD Vance said the transaction values the business at $14 billion, but no purchase price was provided. Muhammed Selim Korkutata | Anadolu | Getty Images
President Donald Trump on Thursday signed an executive order approving a proposal that would keep TikTok alive in the U.S. in a transaction that Vice President JD Vance said values the business at $14 billion.
The deal satisfies the requirements of a national security law requiring China-based ByteDance to sell TikTok’s U.S. operations or face an effective ban in the country, according to the executive order. Under the terms, which China must still approve, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than a 20% stake.
Enterprise tech giant Oracle, Silver Lake and the Abu Dhabi-based