Trump's TikTok Transformation: A New Chapter for the Popular App?
President Trump has signed an executive order mandating that TikTok's U.S. operations be sold to American and global investors to comply with a 2024 law. The new company's valuation is expected to be $14 billion. The deal aims to maintain the app's operations while safeguarding American data privacy.
In a bold move, President Donald Trump has signed an executive order declaring that his plan to divest TikTok's U.S. operations to American and global investors will comply with a 2024 law mandating the sale. The law specifies that TikTok will face a ban unless its Chinese owners relinquish control.
The newly formed U.S. company is projected to be valued at approximately $14 billion, according to Vice President JD Vance. Delays in enforcement have been made to facilitate the extraction of TikTok's U.S. assets and secure investor approval, with an eye on gaining the Chinese government's nod.
Despite some resistance from China, Trump emphasized the need for data privacy protection and maintaining TikTok's operations. He confirmed discussions with President Xi, indicating a mutual understanding. Notable investors like Michael Dell and Rupert Murdoch are eyeing the deal, while Republican lawmakers call for stricter oversight to prevent Chinese influence.
(With inputs from agencies.)
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