President Donald Trump on Thursday afternoon signed an executive order declaring that the agreement to reduce China’s stake in TikTok to the
David Badash at NCRM:
President Donald Trump on Thursday afternoon signed an executive order declaring that the agreement to reduce China’s stake in TikTok to the level mandated by Congress now satisfies congressional requirements — months after the deadline lawmakers had set. The agreement is reportedly a framework that could still face legal and congressional challenges. The deal will allow TikTok, one of the most popular social media apps in the world, which serves 170 million Americans, to continue to operate in the U.S. “Much is still unknown about the actual arrangement, but Trump said Chinese President Xi Jinping ‘gave us the go-ahead’ to proceed with the deal. Any major change to the popular video platform could have a huge impact on how Americans — particularly young adults and teenagers — consume information online,” according to the Associated Press. “About 43% of U.S. adults under the age of 30 say they regularly get news from TikTok, higher than any other social media app including YouTube, Facebook and Instagram, according to a Pew Research Center report published Thursday.”
The Washington Post reported that the deal “would create an American version of the popular video app owned by some of the president’s wealthiest supporters.” “Under the proposed deal, some of the new TikTok U.S. will be owned by corporate interests linked to men known for their longtime support of Trump and the Republican Party, such as Jeff Yass, a co-founder of Susquehanna International Group, and Larry Ellison, a co-founder of Oracle, according to two people familiar with the deal who spoke on the condition of anonymity to discuss internal negotiations.”
On Thursday, Donald Trump signed an executive order to legally allow TikTok to remain in the USA, as an agreement to reduce Chinese ownership of the app has been reached. The US version of the app will be owned by Trump-aligned billionaires, including Larry Ellison and Rupert Murdoch.
When asked by a reporter, Trump would love to have made TikTok “100% MAGA”, but even he admits that would be impossible.
See Also:
CNBC: Trump approves TikTok deal through executive order, Vance says business valued at $14 billion
The Guardian: Trump signs executive order to transfer TikTok to US owners
