Trump has signed an order to allow the sale of TikTok with certain conditions.

Date:

Share post:

Foto: Reprodução/ Redes Sociais
Imagem: xsix/Burst

U.S. President Donald Trump signed an order last Thursday, stating that his proposal to sell TikTok’s U.S. operations to American and global investors will comply with a 2024 regulation.

The new American company is estimated to be worth $14 billion, as stated by U.S. Vice President JD Vance. The White House did not provide details on the valuation process.

Trump postponed the enforcement of the law prohibiting the app until December 16, as part of attempts to secure the app’s assets in the US, engage investors from the US and other nations, and gain approval from the Chinese government.

Trump said that the deal would safeguard data from American users, with Oracle Corp. assisting in securing the algorithm in the U.S. version of the platform. He also mentioned that he had received approval from Chinese President Xi Jinping for the agreement.

Trump had a positive discussion with President Xi at the White House Oval Office, where they discussed TikTok and other matters, with President Xi expressing his support for TikTok.

Despite Trump’s attempts, the approval of the transaction remains uncertain as China has not made any public announcement regarding it.

The China Ministry of Foreign Affairs did not confirm Beijing’s approval after the meeting between Trump and Xi. Instead, it emphasized that any agreement should adhere to Chinese laws.

The buyer group’s composition is still pending official confirmation, but Oracle, Silver Lake, and Abu Dhabi-based investment firm MGX are in discussions to invest in a US-based TikTok version and secure board seats in the new entity.

READ ALSO  Motiva signs a contract worth R $ 3.9 billion for the extension of Line 4.

ByteDance, the Chinese company that owns TikTok, would need to have less than 20% ownership of TikTokUS by 2024 to comply with the law. If ByteDance does not sell its US assets, TikTokUS will be shut down until January 2025.

  • Global
  • Millions
  • China
  • United States of America
  • Legal system
  • Oracle
  • TikTok
  • trump
  • Xi Jinping

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Cade gives the green light for the sale of Braskem’s controlling stake involving Tanure’s background.

Cade approved the sale of NSP Investimentos, a subsidiary of Novonor that controls Braskem, on Wednesday morning through...

JBS’s Joesley Batista was welcomed by Trump ahead of the UN Assembly.

U.S. President Donald Trump recently met with JBS executive Joesley Batista at the White House to discuss meat...

Flow Group experiences a recovery within three years and turns a loss into a profit.

Igor Coelho, the founder and CEO of Flow Group, mentioned that the company experienced a sudden 97% decrease...

Tourism Minister resigns under party pressure.

The Minister of Tourism, Celso Sabino, confirmed his resignation from the position on Tuesday afternoon at the Palácio...