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Trump signs executive order to transfer TikTok to US owners
Agreement separates app from Chinese owner ByteDance and allows US investors to take 80% stake
Trump said he and China’s president Xi Jinping had come to an agreement to allow TikTok to continue operating in the US, separating the social media platform from its Chinese owner ByteDance. The tentative deal ends months of legal limbo for one of the US’s most widely used apps, while also giving several US companies a powerful newfound influence within the social media industry. The deal is also another foray for the Trump administration to exert influence over the tech industry, after it took a 10% stake in chipmaker Intel earlier this month and has urged companies like Apple and Nvidia to invest hundreds of billions domestically.
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