President Donald Trump signed an executive order on Thursday approving the transfer of TikTok’s U.S. operations from Chinese owner ByteDance to a consortium of American investors, preventing the app from being banned under U.S. national security law.
The deal, valued at $14 billion, follows approval from Chinese President Xi Jinping.
Under the agreement, Oracle will lead the U.S. investor group, acquiring roughly 45% of the app’s operations.
Private equity firm Silver Lake, media mogul Rupert Murdoch and his son Lachlan, and Dell Technologies CEO Michael Dell are also part of the consortium. ByteDance and other Chinese investors will retain less than 20% of TikTok’s U.S. operations.
The new entity will be overseen by a seven-member board, with six members from U.S. investors and one from ByteDance. Oracle will manage TikTok’s cloud infrastructure and recommendation algorithm within the United States to ensure data remains under American control.
Trump described the deal as “tremendous” for the United States, noting that Xi had personally approved the arrangement.
The deal resolves months of uncertainty over TikTok’s future in the U.S., where the app has roughly 180 million users and has been the subject of bipartisan scrutiny over data privacy and national security concerns.
The executive order effectively satisfies requirements of the Protecting Americans from Foreign Adversary Controlled Applications Act, which could have forced ByteDance to divest or face a nationwide ban. TikTok’s new U.S. structure is expected to be operational before the end of 2025, pending regulatory approvals.
American investors will hold majority control and manage day-to-day operations, marking a rare instance of large-scale foreign divestment in the tech sector.
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Global leaders gathered in Baku this week for the 13th session of the World Urban Forum, where heads of state and senior officials warned that rapid urban growth is placing increasing pressure on housing, infrastructure and climate resilience.
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Kazakhstan, Uzbekistan and Tajikistan are negotiating summer water allocations as rising temperatures, agricultural demand and pressure on shared rivers intensify water security concerns across Central Asia.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
U.S. President Donald Trump said on Monday he had paused a planned attack on Iran after appeals from the leaders of Qatar, Saudi Arabia and the United Arab Emirates, allowing negotiations to continue over a possible deal to end the conflict.
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou to evacuate as rescue efforts continued.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
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Russian President Vladimir Putin’s upcoming visit to China is expected to focus on strengthening bilateral ties, particularly through expanded trade and economic cooperation.
Israeli military strikes across Gaza killed at least eight Palestinians on Sunday, according to local health officials, as the Israel Defense Forces intensified operations targeting Hamas commanders and infrastructure across the enclave.
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