WASHINGTON: US President Donald Trump on Thursday signed an executive order to approve the deal that puts Chinese social network TikTok’s...
WASHINGTON: US President Donald Trump on Thursday signed an executive order to approve the deal that puts Chinese social network TikTok’s US operations under the control of American businesses.
The document, published by the White House on its website, says that "TikTok’s US application would be operated by a new joint-venture company based in the United States." The company will be "operated in the US by a board of directors with national security and cybersecurity credentials, and subject to strict rules to protect Americans’ data and our national security."
"It will be majority-owned by US investors," the White House said, adding that Chinese company ByteDance "will hold less than 20% of the stock."
After signing the executive order, Trump said he had discussed the deal with Chinese President Xi Jinping over the phone, and received his consent.
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