President Trump has signed an executive order to delay the TikTok ban in the U.S. for another 90 days to December 16. The ban on the popular short-form video app has now been extended four times since he took office in January.
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ByteDance, the parent company of TikTok, had previously been given a deadline of September 17 to divest its U.S. operations or face a shutdown, although Treasury Secretary Scott Bessent said earlier this week that the U.S. and China had reached a framework deal.
Oracle, Silver Lake, and Andreessen Horowitz Set to Take Majority Stake in U.S. TikTok
The deal would transition ownership of TikTok to a new U.S. entity consisting of Oracle (ORCL) and private investment firms Silver Lake and Andreessen Horowitz, according to the Wall Street Journal. U.S. investors would control 80% of the company, while China would have the remaining 20%.
Furthermore, the new company would have a U.S.-dominated board of directors, including one member appointed by the government. TikTok has already begun working on a new version of its app, which U.S. users would have to switch to.
The terms of the deal are still subject to change, as Trump is scheduled to speak with Chinese President Xi Jinping on Friday.
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