President Donald Trump on Thursday afternoon signed an executive order clearing the way for a deal to put TikTok in U.S. hands, with some of his closest billionaire allies poised to take the reins.

“This is going to be American-operated all the way,” Trump said during the signing, adding that the agreement had been greenlit by Chinese President Xi Jinping. “I have great respect for President Xi, and I very much appreciate that he approved the deal, because to get it done properly, we really needed the support of China and the approval of China.”

Who’s in the deal

The ownership structure is still being finalized, but Trump revealed that Oracle , and its co-founder Larry Ellison would play a “big” role in managing the app, given that they had already stored much of Tiktok’s U.S.-based d

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