President Trump signs $14 billion deal with ‘TikTok’
"TikTok" bans have not been ruled out yet.
On Thursday afternoon, President Donald Trump signed an executive order facilitating the sale of “TikTok” to a group of American investors. So, is TikTok officially no longer for sale in the United States? Not quite. Technically, the deal isn’t complete yet, CNN reports.
The executive order states that the TikTok deal is in line with the 2024 law that banned TikTok from operating in the United States.
From now on, Oracle will handle US user data, and White House press secretary Caroline Leavitt said that the US algorithm will also be controlled domestically.
In addition, Vice President J. D. Vance said that the deal is worth $14 billion to TikTok’s US assets under the terms of the agreement.
It is added that Oracle, the new consortium of owners could include Oracle head Larry Ellison, Dell Technologies CEO Michael Dell, and Fox Corp.
ByteDance, TikTok’s parent company in China, had to find a new owner or be banned from the US on security grounds. Trump repeatedly signed executive orders extending the deadline. Finally, after talks between Trump and Chinese President Xi Jinping, the leaders reached an agreement.
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