Trump Approves Deal to Transfer TikTok’s U.S. Operations to American Business Control

The order notes that “TikTok’s U.S. operations will be managed by a new joint company based in the United States.” Furthermore, “the largest share and control” in the new entity will belong to U.S. citizens. The Chinese company ByteDance will hold a stake of “less than 20%,” while “the remaining portion will belong to certain investors,” which are not specified.

The company will be managed by a “new board of directors” following rules that will “ensure proper protection of Americans’ information” and U.S. security.

After signing the order in the Oval Office, Trump noted that he had previously discussed the deal in a phone call with China’s President Xi Jinping.