From PBS NewsHour.

President Trump just signed an executive order on Thursday that clears the way for the sale of TikTok’s U.S. operations.

The president’s order declares that the framework deal to sell American operations of TikTok to U.S. investors meets the requirements of the 2024 law that otherwise would have banned the app in the U.S. A final deal would still require China’s sign off and regulatory approval but the executive order would allow the investors to finalize documents.

U.S. operations would be run by a new joint venture company. Cloud computer giant Oracle would have a roughly 80% stake. Private equity firm Silver Lake, venture capital company Andreessen Horowitz and existing U.S. investors of ByteDance, TikTok’s current owner, would also be involved. The U.S. government will reportedly not have a stake in the company, but ByteDance would own stock and retain one seat on the board. That person, however, would be excluded from TikTok’s security committee.

Under the deal, TikTok’s algorithm would be leased to the U.S. company. Oracle would then replicate the algorithm for U.S.-based users and manage how American’s data is used and stored.

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