Trump approves TikTok deal, leaving US and ByteDance each with control of the company

PANews reported on September 26 that according to Caixin, at 4:24 PM US time on September 25, Trump signed an executive order in the Oval Office of the White House approving the transaction that will allow TikTok to continue operating in the United States, ensuring its survival in the US. The order, titled "Saving TikTok While Maintaining National Security," outlines a framework agreement that will see TikTok's US operations operated by a newly established, US-based joint venture, majority-owned and controlled by Americans, who will control TikTok's US algorithms, code, and content review decisions. ByteDance and its affiliates will hold less than 20% of the joint venture, with the remainder held by specific investors. The joint venture will be governed by a board of directors and will protect US user data and national security within regulatory compliance requirements.