1 of 5 | President Donald Trump speaks to reporters after signing an executive order regarding TikTok in the Oval Office at the White House in Washington, on Thursday. Photo by Yuri Gripas/UPI | License Photo
Sept. 26 (UPI) -- President Donald Trump signed an executive order Thursday to complete a deal to keep TikTok active for 170 million U.S. users with U.S. investors owning 80% of the company.
The deal creates a U.S. entity to control TikTok while ByteDance will maintain less than a 20% stake. A board of directors composed chiefly of Americans will oversee the operation of TikTok, including its highly sought-after algorithm.
Data on U.S. users will be stored and managed by Oracle, a technology company based in Nashville. ByteDance partnered with Oracle in 2020 to house U.S. user data in the United States due to concerns about data security from the U.S. government.
During the signing of the executive order at the White House, Trump said the deal was approved by Chinese President Xi Jinping during a phone conversation last week.
