President Trump signed an executive order endorsing a proposal that would keep TikTok operating in the U.S., following a national security measure that required China-based ByteDance to sell TikTok’s U.S. operations or face a ban.
Under the proposed deal, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than 20 percent ownership.
Tech giant Oracle, Silver Lake and the Abu Dhabi-based MGX investment firm will be the main investors, controlling a 45 percent stake, while ByteDance investors and new holders will own 35 percent, reported CNBC.
The order further extends the TikTok ban enforcement deadline until December 16, 2025, to give time to finalize the deal, which still needs to be approved by ByteDance.
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