Donald Trump signs order for TikTok sale

U.S. President Donald Trump has signed an executive order transferring control of TikTok to a consortium of American investors, CNBC reports.

Under the order, 80% of the social network’s shares will come under U.S. ownership, while Chinese parent company ByteDance will retain a stake of less than 20%.

The deal values TikTok at $14 billion. Management of the platform’s U.S. operations will be handled by a newly formed company headquartered in the United States. The investor group includes Oracle, Silver Lake, and the Abu Dhabi-based MGX investment fund, with Oracle set to play a central role in TikTok’s next phase.

Trump noted that he discussed the terms directly with Chinese President Xi Jinping, who, according to Trump, agreed to the proposed framework. A new board of directors will oversee the platform to safeguard American user data and national security.

The decision follows a law signed in 2024 by former President Joe Biden, which required ByteDance to sell TikTok or shut down its U.S. operations.