New York, December 19 (ANI): TikTok has signed a deal, backed by US President Donald Trump, to sell its US assets to a group of American investors, CEO Shou Chew told employees in a memo on Thursday, according to CNN.
Although the transaction is not yet complete, the move brings TikTok closer to securing its long-term future in the United States. The deal follows a law passed last year requiring the US version of the app to be spun off from its parent company, ByteDance, or face a ban in the country.
Trump signed an executive order on September 26 clearing the way for the sale of TikTok’s US assets to a consortium of mostly American investors. While this marked an important procedural step, the deal still requires regulatory approvals from both the United States and China.
During the signing event, Trump said Chinese leader Xi Jinping had green-lit the deal. “I had a very good talk with President Xi. And we talked about TikTok and other things, but he gave us the go-ahead for the deal,” Trump said, as reported by CNN.
The executive order classifies the transaction as a qualified divestiture under the law, which bans TikTok in the US unless ByteDance divests approximately 80% of its US assets to non-Chinese investors. The order notes that the proposed divestiture allows millions of Americans to continue using TikTok while protecting national security. It also covers ByteDance’s other popular platforms, Lemon8 and CapCut.
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