News Summary

US President Donald Trump has signed an executive order approving a deal that transfers the majority ownership of TikTok’s US operations to a group of American investors including Oracle co-founder Larry Ellison. This move is aimed at addressing security concerns by ensuring that TikTok’s algorithm is controlled by the American entity. The deal values TikTok’s US operations at approximately $14 billion and includes investors like Oracle, Silver Lake, and the Abu Dhabi-based MGX investment fund. The executive order requires that ByteDance, TikTok’s parent company, holds less than 20% of the stock, ensuring compliance with divestiture standards set by Congress. While the deal has received Trump’s approval, it still awaits China’s consent.