President Donald Trump has signed an executive order outlining his plan to sell TikTok’s US operations to American and global investors.
Trump said he and China’s president Xi Jinping have now reached an agreement which will see TikTok continue operating in the US, separating the social media platform from its Chinese owner, ByteDance.
The new US company will be valued at around $14 billion, Vice President JD Vance said.
Trump has delayed enforcement of the law until December 16 amid efforts to extract TikTok’s US assets from the global platform, line up American investors and win approval from the Chinese government.
“There was some resistance on the Chinese side, but the fundamental thing that we wanted to accomplish is that we wanted to keep TikTok operating, but we also wanted to make sure that we protected Americans’ data privacy as required by law,” Vance said.
Trump has credited TikTok, which has 170 million U.S. users, with helping him win reelection last year and has 15 million followers on his personal account. The White House also launched an official TikTok account last month.
“This is going to be American-operated all the way,” Trump said.
This is a breaking news story and is being updated. With wires.
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