Trump signs executive order on TikTok deal: what to know

President Donald Trump signed an executive order Thursday paving the way for a TikTok deal that could transfer majority ownership of the app to Americans.

President Donald Trump signed an executive order Thursday paving the way for a TikTok deal that could transfer majority ownership of the app to Americans.

While it appears the terms of the agreement are set, it is likely to take more time for the sides to close the deal as they hammer out finer legal and financial points.

“This is going to be American-operated all the way,” Trump said during the signing on Thursday. “I have great respect for President Xi, and I very much appreciate that he approved the deal, because to get it done properly, we really needed the support of China and the approval of China.”

Under the new framework agreement outlined in the executive order, TikTok’s Chinese parent company ByteDance and its affiliates will own less than 20% of TikTok, while “certain investors” will retain 80% ownership. The plan would achieve the “qualified divestiture” required for TikTok to comply with federal law, according to the order.

It is not clear who all the parties to the deal are, but Trump said during the signing that Oracle and its co-founder Larry Ellison will play a “big” role. He added that tech entrepreneur Michael Dell and media mogul Rupert Murdoch will also be involved. Vice President JD Vance said more information will be revealed in the coming weeks.