Trump on TikTok Deal to Come Under US Business Control

US President Donald Trump signed an executive order on September 25 to confirm a deal which will see TikTok's operations in the US come under the control of an American business. The document was published on the White House website.

The executive order states that "TikTok will be operated in the United States by a new joint venture that operates in the United States." It also emphasizes that the new entity will have "the largest share and control" held by US citizens. The Chinese company ByteDance will hold "less than 20%" of the share, while "the remaining percentage will belong to certain investors."

Following the signing of the executive order in the Oval Office, Trump noted that he had previously discussed the deal with Chinese President Xi Jinping during a phone call. "He has given us his approval," said the American leader. He stated that the social network will be governed in the US by "American investors, American companies." Trump emphasized, "The terms of the deal are, in my opinion, very beneficial for our country."