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White House names TikTok investors Larry Ellison, Rupert Murdoch, and Dell Technologies founder Michael Dell.
The new order says that the deal to turn over a majority stake in TikTok to a group of U.S. investors meets the terms ordered by Congress, and will allow it to stay online in the U.S.
toggle caption Mario Tama/Getty Images North America President Trump gave his formal blessing on Thursday to a deal for a consortium of mostly U.S. investors to take over the short video app TikTok, signing an executive order green-lighting the spinoff and saying it has "good controls" in terms of security and safety. TikTok is owned by Beijing-based ByteDance, but a law passed last year requires the parent company to divest or the app will be banned in the United States over national security concerns. "I have determined that the proposed divestiture would allow the millions of Americans who enjoy TikTok every day to continue using it while also protecting national security," the president wrote in the executive order.
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