Trump signs order for sale of US TikTok business, lacks China approval

US President Donald Trump signed an executive order late Thursday approving the sale of TikTok's US operations, though the deal has not yet been recognized by the Chinese parties involved.

Under the deal, a new joint-venture company will oversee TikTok's US business, with ByteDance retaining less than 20% interesst.

Vice President JD Vance said it values the the US operation at USD14 billion.

Earlier Thursday, CNBC reported Oracle, private equity firm Silver Lake and Abu Dhabi-based MGX investment fund will the main investors at about 45%.

However, ByteDance has not acknowledge the transaction, nor were its representatives present at the signing.