Trump Signs TikTok Executive Order
President Donald Trump on Sept. 25 signed an executive order that a White House official said brings "into effect" the U.S.-China agreement that will eventually bring TikTok under the control of American investors (see 2509220010). Trump, speaking to reporters, said he had a "very good talk" with Chinese President Xi Jinping, and "he gave us the go-ahead" to approve the deal. "We have American investors taking it over," Trump said, adding that technology company Oracle will "play a very big role in terms of security, safety and everything else."
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The order says Trump has "determined that the proposed divestiture would allow the millions of Americans who enjoy TikTok every day to continue using it while also protecting national security." It also gives investor parties more time to close the deal. China’s ByteDance, the current parent company of TikTok, was up against a deadline to find a buyer for TikTok or face a U.S. ban on the social media application.