"President Donald Trump issued an executive order on Thursday giving his approval for a sale of TikTok's US business to a buyer consortium. Vice President JD Vance said Thursday that the deal would value TikTok US at $14 billion. The exact make-up of the new consortium has not yet been revealed. Trump said on Thursday that Oracle and Larry Ellison would be part of the new ownership."
"As part of the deal, US users will still be able to watch videos from creators in the rest of the world, and vice versa, White House spokesperson Karoline Leavitt said on Monday. Oracle will audit the US spin-off's algorithm, which will "retrained and operated in the United States outside of ByteDance's control," Leavitt said."
"The US will not get an equity stake in TikTok, but the government does expect to receive a fee for facilitating the sale, the president said on Friday. The Chinese government has yet to give final sign-off on a deal, but Trump said on Thursday that Chinese leader Xi Jinping "gave us the go ahead" on the deal."
President Donald Trump signed an executive order approving the sale of TikTok's U.S. business to a buyer consortium valued at $14 billion. Oracle and Larry Ellison are identified as part of the new ownership, with Michael Dell and Rupert Murdoch also mentioned as involved. Oracle will audit and oversee retraining of the U.S. spin-off's algorithm to operate outside ByteDance's control. U.S. users will still access global creators and vice versa. The U.S. government will not take an equity stake but expects a facilitation fee. The Chinese government has not yet given final sign-off. TikTok staffers face uncertainty about future roles and business components such as ad buys and TikTok Shop remain unresolved.
Read at Business Insider
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