Another test of the extent of presidential power.
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President Trump signed an executive order on Thursday that would help clear the way for a coalition of investors to run an American version of TikTok, one that is separate from its Chinese owner, ByteDance, so that it can keep operating in the United States.
The deal is aimed at helping TikTok comply with a federal law, which banned the app in the United States in January out of concern that Beijing could use it to gain access to Americans’ sensitive data or to spread propaganda. Mr. Trump has delayed enforcement of the ban repeatedly. The Thursday order gives negotiators until mid-January to finalize the deal.
The White House hasn’t said exactly who would own the U.S. version of TikTok, but the list of potential investors includes several powerful allies of Mr. Trump. The software giant Oracle, whose co-founder is the billionaire Larry Ellison, will take a stake in U.S. TikTok. Mr. Trump has also said that the media mogul Rupert Murdoch is involved. A person familiar with the talks said the Murdoch investments would come through Fox Corporation.
