President Donald Trump signed an executive order on Thursday spelling out a deal that could transfer the majority ownership of Chinese-founded app TikTok to Americans.

"This is going to be American-operated all the way," Trump said, according to NBC News .

A representative for the White House didn't immediately respond to a request for comment.

The president said that he had agreed with Chinese president Xi Jinping that TikTok would be separated from its Chinese owner, ByteDance, in order to continue operating in the US. US companies will own about 80% of the US version of the app. Six Americans will sit on TikTok's seven-member board of directors, The Guardian reported .

This is a breaking news story and will be updated.

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