"On Thursday, US President Donald Trump signed an executive order to transfer ownership of TikTok's US operation to a group of American investors, including Oracle cofounder Larry Ellison. "I had a very good talk with president Xi. We talked about TikTok. He gave us the go-ahead," Trump said during a White House press conference. He conceded that he'd gotten a bit of resistance from the "Chinese side.""
"Vice President JD Vance said the deal valued TikTok at around $14 billion. ByteDance was valued at $330 billion as of August. Both Trump and his treasury secretary Scott Bessent credit Vance as playing a pivotal role in brokering the agreement. Larry Ellison, Michael Dell, and Rupert Murdoch are among the "four or five" American investors who will take over TikTok's US operations, according to Trump. "Oracle is playing a very big part," he said at the press conference. Vance said the full list will be released in the "days to come.""
"Details of the deal are still unknown. "What this deal ensures is that the American entity and the American investors will actually control the algorithm," Vance said during the briefing. "We don't want this used as a propaganda tool by any foreign government." It's unclear if ByteDance would remain in any way responsible for the operation of TikTok in the US. Up to this point, TikTok has been betting on Project Texas, a system designed to separate the data access of US- and China-based employees, to soothe national security concerns."
President Donald Trump signed an executive order transferring ownership of TikTok's US operations to a group of American investors including Oracle cofounder Larry Ellison. Trump said he spoke with president Xi, who "gave us the go-ahead," while the Chinese government had not publicly acknowledged the deal. Vice President JD Vance said the US unit is valued around $14 billion compared with ByteDance's $330 billion valuation. Reported American investors include Larry Ellison, Michael Dell, and Rupert Murdoch, with Oracle playing a major role. Vance said American investors will control the algorithm. Uncertainty remains over ByteDance's future role and the feasibility of fully separating global data access.
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