US President Donald Trump has signed an executive order that paves the way for a significant shift in the ownership of the popular video-sharing app TikTok. This new deal aims to reduce Chinese ownership to 20 percent while placing control in the hands of American investors, including prominent figures from Oracle Corporation.

During a recent press briefing, Trump discussed his conversation with Chinese President Xi Jinping on September 20, where TikTok was a major topic. He stated, “This is interesting because I had a very good talk with President Xi, a lot of respect for him. Hopefully, he has a lot of respect for me, too. We talked about TikTok, and he gave us the go-ahead.”

The President assured that the app would now be managed by American companies, addressing concerns over security and safety. He emphasized, “You know, it’s run by American investors and American companies, great ones, great investors, the biggest. The young people really wanted this to happen.”

Key figures in this transition include Larry Ellison, the Chief Technology Officer of Oracle, who will play a crucial role in ensuring the platform's security. Trump noted, “We have American investors taking it over, running it, highly sophisticated, including Larry Ellison and Oracle, I guess, is going to play a very big role in terms of security, safety, and everything else.”

The deal comes after a series of discussions between Trump and Xi, with ByteDance, TikTok's parent company, confirming its commitment to comply with the necessary regulations to keep the app operational in the US. A statement from ByteDance expressed gratitude to both leaders for their attention to TikTok, stating, “ByteDance will advance related work in accordance with the requirements of Chinese law, allowing TikTok U.S. to continue serving American users well.”

The proposed agreement is expected to see American investors controlling 80 percent of TikTok, while the remaining 20 percent will still be held by Chinese firms, including ByteDance. This move is part of a broader effort by the US government to ensure tighter control over foreign-owned apps amid ongoing security concerns.