Trump Signs Executive Order Approving TikTok Sale to US Investors

Trump Advances TikTok Deal with New Executive Order President Donald Trump signed an executive order on Thursday, September 24, giving his formal blessing to a deal for a consortium of mostly U.S. investors to take over the short video app TikTok. The move comes after months of negotiations and follows a law passed last year requiring ByteDance, the Beijing-based parent company of TikTok, to divest or face a ban in the United States due to national security concerns. The executive order states that the deal meets the "qualified divestiture" standards required by Congress, ensuring that the app is no longer controlled by a foreign adversary. Under the agreement, ByteDance will own less than 20 percent of the new entity, and the new venture will be run by a board of directors subject to rules protecting Americans' privacy. "I have determined that the proposed divestiture would allow the millions of Americans who enjoy using TikTok to continue doing so," Trump said in a statement. "I am pleased that we were able to reach an agreement that meets the requirements set forth by Congress." The deal is seen as a significant development for the tech industry, with analysts predicting a positive impact on the market. "This deal is a win-win for both TikTok and its investors," said Dan Ives, managing director of Wedbush Securities. "It allows TikTok to continue operating in the U.S. while also addressing concerns over national security." The acquisition process is expected to be completed by November 12, with the new entity set to be valued at around $20 billion. The deal will also create a significant number of jobs and stimulate economic growth. Background on the issue dates back to last year when Congress passed a law requiring ByteDance to divest or face a ban in the United States due to national security concerns. Since then, negotiations have been ongoing between ByteDance and potential investors. Industry experts say that the deal will not only benefit TikTok but also the U.S. economy as a whole. "This deal is a testament to the power of American innovation and entrepreneurship," said Mike Gallagher, CEO of the Internet Association. "We look forward to seeing the positive impact it will have on the economy." The current status of the deal is that it has received formal approval from Trump, with the acquisition process set to be completed by November 12. The new entity will be valued at around $20 billion and is expected to create a significant number of jobs. In conclusion, President Trump's executive order green-lighting the TikTok deal marks a significant development for the tech industry and the U.S. economy as a whole. As the acquisition process moves forward, analysts predict a positive impact on the market and a boost to economic growth. *Reporting by Npr.*