President Donald Trump has agreed to a deal in which Oracle and Walmart will take a minority stake in a U.S.-headquartered company called TikTok Global. ByteDance, TikTok’s parent company, says it will have an 80% stake.Nicolas Economou | NurPhoto | Getty Images
President Joe Biden signed an executive order on Wednesday that sets criteria for the government to evaluate the risk of apps connected to foreign-adversaries, a move with implications for Chinese-owned apps like TikTok and WeChat.
Biden revoked and replaced the three executive orders by former President Donald Trump which sought to ban transactions with TikTok and WeChat by American businesses. One of the orders also sough to ban TikTok, resulting in a prolonged court battle. TikTok remains available and popular in the U.S.
Biden’s new order will direct the Commerce Department to review apps tied to foreign adversaries and lays out what it should consider an “unacceptable risk,” according to a White House fact sheet. That includes criteria for evaluating transactions with software apps tied to a foreign adversary, which typically falls under the Committee for Foreign Investment in the U.S. (CFIUS). The order would consider transactions to involve a “heightened risk” when they involve apps owned, controlled or managed by