Trump signs executive order to facilitate TikTok deal

In a significant move, President Donald Trump has enacted an executive order that greenlights the sale of TikTok's operations in the United States to a consortium of American investors. This decision aims to ensure the social media platform can continue its services in the country. Vice President JD Vance emphasized that the valuation for TikTok US is estimated at around $14 billion. Under a national security law put in place by former President Joe Biden, TikTok was faced with divesting its U.S. business or facing a ban. Trump's executive action now temporarily halts the enforcement of this law for 120 days, allowing the divestiture plan to unfold. Although ByteDance, TikTok's parent company, has yet to officially comment on the executive order, they did indicate on September 19 that they would comply with applicable regulations to maintain TikTok's availability for American users. During a press briefing, Trump mentioned a conversation with China's President Xi Jinping, who reportedly expressed support for the deal. "I spoke with President Xi; we had a good talk. I told him what we were doing, and he said, 'Go ahead with it,'" Trump recounted. The executive order details that the new U.S. operations of TikTok will set up a fresh board of directors and transfer control of the app’s recommendation algorithm, source code, and content moderation systems to the new owners. Oracle is set to manage the app's security and provide necessary computing services for TikTok US. Trump remarked, "It’s owned by Americans, and very sophisticated Americans. This is going to be American operated all the way." While he acknowledged Oracle’s involvement as one of the U.S. investors in TikTok US, he did not disclose the complete list of new stakeholders. Reports suggest that Oracle, alongside Silver Lake and Abu Dhabi-based MGX, will secure a 45 percent stake in TikTok's U.S. operations. Vance stated, "This deal really does mean Americans can use TikTok but actually use it with more confidence than they had in the past because their data is secure and it won’t be used as a propaganda weapon like it has in the past." When questioned about the algorithm's future and its treatment of various political content, Trump assured that "every group, every philosophy, every policy will be treated fairly." This executive order represents the latest development in an ongoing saga that began in 2020 when Trump first called for a ban on TikTok, a push that later received bipartisan support during Biden's presidency.