In a move that has everyone buzzing, President Donald Trump signed an executive order on Thursday to finalize a deal with TikTok, the popular social media app that’s been under quite a bit of scrutiny. As it turns out, TikTok’s Chinese ownership has raised quite the ruckus in the U.S. for quite some time. But fear not, American TikTok users, because this new arrangement aims to put your data and privacy in safer hands.
At the signing ceremony held in the Oval Office, Vice President JD Vance confidently assured TikTok users that they could enjoy their scrolling and dancing without fear. He emphasized that the app’s new ownership structure would provide a fresh layer of security—a much-needed assurance given the app’s controversial ties to China. In a bold move, the new agreement stipulates that six out of seven board members will be American, making sure the interests of U.S. users take center stage.
So who gets to play in this exciting game of TikTok ownership? Well, the tech giant Oracle, led by billionaire Larry Ellison, will spearhead the charge on data privacy and protection. The plan is to store all user data in the U.S. to keep any prying eyes from across the ocean at bay. This is a significant step following President Biden’s TikTok ban, which aimed to combat national security concerns that arose from the app’s original ownership by the Chinese company ByteDance.
Despite the tension, there are signs of cooperation. Trump even expressed gratitude to Chinese President Xi Jinping for approving the deal, hinting at lively conversations about “very important issues” during their recent phone call. However, the Chinese government was rather mum on whether Xi officially greenlit the deal. Yet, White House press secretary Caroline Levit remained optimistic, declaring that the Trump administration is “100% confident” that approval from China is just around the corner.
Under this new setup, it is expected that Oracle, along with other partners like Silverlake and the Abu Dhabi investment firm MGX, will hold a combined stake of about 45% in TikTok. In a twist of fate, ByteDance will retain approximately 20% of the app’s shares. As the deal starts to take shape, Trump revealed that notable figures like media mogul Rupert Murdoch and Dell CEO Michael Dell are also in the investor mix.
The deal is projected to value TikTok at a whopping $14 billion. As details continue to trickle in, Americans are left wondering how this new arrangement will affect the app that has become a staple in many people’s daily lives. Keep those dancing shoes ready; this TikTok saga isn’t over just yet!
