President Donald Trump on Thursday approved a proposed deal that would keep TikTok alive in the U.S.
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Muhammed Selim Korkutata | Anadolu | Getty Images
President Donald Trump on Thursday signed an executive order approving a proposed deal that would keep TikTok alive in the U.S. Vice President JD Vance said the valuation is $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 deal’s terms, which China must still approve, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than 20% stake.
EnterprisetechgiantOracle,SilverLakeandtheAbuDhabi-basedMGXinvestmentfundwillbemaininvestorsinTikTok’sU.S.business,controllingaroughly45%stakeintheentitywhileByteDanceinvestorshold35%,CNBC’sDavidFaberreportedearlierThursday.
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