President Donald Trump on Thursday signed an executive order approving a proposal that would keep TikTok alive in the U.S. in a transaction that Vice President JD Vance said values the business at $14 billion.
The deal satisfies the requirements of a national security law requiring China-based ByteDance to sell TikTok’s U.S. operations or face an effective ban in the country, according to the executive order. Under the terms, which China must still approve, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than a 20% stake.
Enterprise tech giant Oracle, Silver Lake and the Abu Dhabi-based MGX investment fund will be main investors in TikTok’s U.S. business, controlling a roughly 45% stake in the entity, while ByteDance investors and new holders will own 35%, CNBC’s David Faber reported earlier Thursday.
No representatives from ByteDance were present at the signing, and the company hasn’t acknowledged that a transaction is taking place. No purchase price was mentioned, and there’s no indication that the Chinese government has made changes to laws that would be necessary for a deal to take place.
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