Executive Order Brings US TikTok $14B Deal One Step Closer to Finalizing

Oracle’s oversight of an American version of TikTok will allow the app to comply with a 2024 act.

President Donald Trump issued an executive order on Thursday that provides legal backing for a group of U.S. investors to buy TikTok, allowing the app to continue operating within the country. About 170 million Americans use TikTok.

“The divestiture removes the TikTok application and certain other applications from the control of a foreign adversary, as defined under the Act,” the Executive Order reads.

The Act referenced in the EO is the 2024 Protecting Americans from Foreign Adversary Controlled Applications Act, which was specifically made to apply to TikTok owner ByteDance Ltd. The Act said such an application must be divested or banned if it constitutes a national security threat.

The deal is not yet finalized, and the Chinese government would also need ...