US President Donald Trump has signed an executive order that will allow TikTok to continue operating in the United States in a way that meets national security concerns laid out by the law.

According to the White House, the order will ensure that a US version of TikTok, owned by a consortium of American investors, operates in the country. This will also result in Chinese ownership being reduced to 20 percent. Investment firms Silver Lake Management, Silicon Valley powerhouse Andreeessen Horowitz and Oracle are said to be a part of this deal.

Watch: End of road for TikTok in US?

Xi gives nod

Last year, Trump’s predecessor Joe Biden signed a legislation calling for China's ByteDance to sell TikTok's assets to an American company by early this year or face a nationwide ban, but Trump has

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