Donald Trump has signed an executive order setting out the terms of the sale of TikTok's US operations to several of his wealthy supporters, while the platform's Chinese parent company will retain only a minority stake.

From the Oval Office , the US president said the American version of the platform would be run by "highly sophisticated" investors, including Larry Ellison, head of technology giant Oracle, Michael Dell, founder of Dell, and media magnate Rupert Murdoch.

According to several media reports, investment firm Silver Lake Partners and Silicon Valley heavyweight Andreessen Horowitz are also expected to be part of the deal. According to the executive order issued by the White House on Thursday evening, ByteDance, TikTok's parent company, will retain a stake of "less than 20%"

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