By Mike Bedigan
Copyright independent
Donald Trump announced that Chinese president Xi Jinping has approved a proposed deal to place TikTok under U.S. ownership, reportedly valuing the business at $14 billion.
Trump signed an executive order allowing the social media app to continue operating in the U.S., stating the deal meets national security concerns.
The agreement follows legislation signed by Joe Biden last year, which required China’s ByteDance to sell TikTok’s U.S. assets or face a nationwide ban.
A new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than a 20 per cent stake.
Tech giant Oracle, Silver Lake, and the MGX investment fund are expected to control approximately 45 per cent of the new entity.
