Trump quips he’d make TikTok algorithm ‘100% MAGA’ as he signs order for China sale to US group
Donald Trump claims USA can now take control of TikTok
- 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.