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.

Trump’s executive order says the deal meets the “qualified divestiture” standards required by Congress — proof that the app is no longer controlled by a foreign adversary.

The order says that under the deal, ByteDance will own less than 20 percent of the new entity, and the new venture will be run by a board of directors subject to rul

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