President Donald Trump has signed an executive order to facilitate the sale of TikTok to U.S.-based buyers, marking a significant step in the government’s effort to remove the social media platform from Chinese ownership. The decision follows longstanding concerns about data security and the potential misuse of user information by foreign entities.
During a press conference, Trump emphasized that the move is critical to protecting American interests and national security. He claimed that Chinese leader Xi Jinping has approved the plan, although Beijing has not yet confirmed these claims. The White House has stated that the process will involve a thorough review to ensure that the transition adheres to U.S. laws and regulations.
Industry experts have expressed a mix of reactions to the announcement. Some view it as a necessary step to safeguard sensitive data, while others caution against potential disruptions to the platform’s operations. The ongoing negotiations are expected to have significant financial implications for both the U.S. tech sector and the broader market.