After several delays, the long-running saga around the sale of TikTok’s stateside operations could finally be nearing a conclusion.

In an executive order signed on Thursday, US President Donald Trump approved a proposal to transfer majority ownership of the stateside arm of the company to American and global investors—with Chinese parent company ByteDance retaining a stake of less than 20%. The new company is valued at roughly US$14 billion, according to US Vice President JD Vance.

Under the proposed structure, the short-form video app would be operated by a joint-venture based in the US. “The proposed divestiture would allow the millions of Americans who enjoy TikTok every day to continue using it, while also protecting national security,” Trump wrote, referencing the platform’s huge base of 170 million American users—which includes young tweens.

The deal, he says, would meet the requirements of a 2024 law passed under the Biden administration requiring the app to either shut down or sell its US assets to stateside owners. Trump has extended the deadline to enforce that law numerous times, most recently moving it to December 16. Several potential buyers lined up plans and possible bids earlier this year, including Amazon and MrBeast.

CNBC is reporting that Larry Ellison’s tech company Oracle, Silver Lake and Abu Dhabi-owned MGX would be primary investors, controlling 45% of the app’s US business. Under the structure, Oracle would reportedly also oversee the app’s security operations and provide its cloud computing services. (This would make for a busy time for Ellison, who is rumored to be helping his son, Paramount’s new CEO David Ellison, prep a bid to buy Warner Bros. Discovery.)

However, things are still up in the air. Neither ByteDance nor the Chinese government have publicly approved—or even acknowledged—the deal yet. According to Bloomberg, it’s likely that the Beijing-based company would still receive half the profit from the platform’s US operations after the proposed sale.

Image courtesy of Nik via Unsplash