"TikTok was required to divest its American business, or be banned in the U.S., via a national security law originally signed by former President Joe Biden. Trump's executive order essentially bars the Attorney General or Department of Justice from enforcing that law for 120 days while the divestiture plan presented to the President is executed. TikTok's owner ByteDance has not yet publicly acknowledged the deal or executive order, but did, on September 19, issue a statement that "it will work in accordance with applicable laws to ensure TikTok remains available to American users through TikTok U.S.""
"The order states that TikTok' U.S. operations will establish a new board of directors, and that the app's recommendation algorithm, source code, and content moderation system in the US will be transferred to the control of its new owners. Under the deal's terms, Oracle will oversee the app's security operations and provide computing services for TikTok US."
""I spoke with President Xi, we had a good talk," Trump said during a briefing with reporters. "I told him what we were doing, and he said, 'Go ahead with it.'""
President Donald Trump signed an executive order approving the sale of TikTok's U.S. operations to an American investor group and temporarily suspending enforcement of a prior divestiture requirement. The order prevents the Attorney General and Department of Justice from enforcing the divestiture law for 120 days while the presented divestiture plan is executed. The plan requires a new board, transfer of recommendation algorithm, source code, and content moderation control to new U.S. owners. Oracle will oversee security operations and provide computing services. Vice President JD Vance estimated TikTok US value at around $14 billion. ByteDance has not publicly confirmed the deal.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]