Much is still unknown<\/a> about the actual deal in the works, but Trump said Thursday that Chinese leader Xi Jinping has agreed to move forward with it. However, the Chinese embassy in Washington didn\u2019t immediately respond to an AP inquiry seeking confirmation that China has formally signed off on the proposed framework deal.<\/p>\n The executive order itself is a declaration by the president that the proposed deal meets the security concerns laid out in the law. And it gives all parties involved in negotiations an additional 120 day reprieve from the effects of the law in order to finalize a deal.<\/p>\n Young people especially \u201creally wanted this to happen,\u201d Trump said during the signing ceremony.<\/p>\n Any major change to the popular video platform could have a huge impact on how Americans \u2014 particularly young adults and teenagers \u2014 consume information online.<\/p>\n About 43% of U.S. adults under the age of 30 say they regularly get news from TikTok, higher than any other social media app including YouTube, Facebook and Instagram, according to a Pew Research Center report published Thursday<\/a>.<\/p>\n <\/p>\n The TikTok logo is pictured in Tokyo, Sept. 28, 2020. (AP Photo\/Kiichiro Sato, File)<\/p>\n The TikTok logo is pictured in Tokyo, Sept. 28, 2020. (AP Photo\/Kiichiro Sato, File)<\/p>\n Read More<\/p>\n Trump said in response to a question at a signing ceremony Thursday that he would make the American- controlled TikTok \u201c100% MAGA\u201d if he felt he could, but he intends for \u201cevery philosophy, every policy\u201d to be \u201ctreated right.\u201d<\/p>\n Vice President JD Vance said the deal ensures that \u201cAmerican investors will actually control the algorithm\u201d that determines the content seen on the social media app. He said more information about the deal will be revealed in the coming weeks.<\/p>\n Who will control the new TikTok venture?<\/p>\n Under the terms of the deal that have so far been revealed by the White House, the app will be spun off into a new U.S. joint venture owned by a consortium of American investors \u2014 including Oracle and investment firm Silver Lake Partners.<\/p>\n Though the details have yet to be finalized, the investment group\u2019s controlling stake in the new venture would be around 80%. While ByteDance is expected to have a stake in the new venture, it would be less than 20% \u2014 a portion of the ownership reserved for foreign investors. The board running the new platform would be controlled by U.S. investors. ByteDance will be represented by one person on the board, but that individual will be excluded from any security-related matters.<\/p>\n TikTok\u2019s new owners include many whose business or political interests are tied to Trump, including Oracle co-founder Larry Ellison and Rupert Murdoch, raising questions about whether political influence will be exerted into the platform.<\/p>\n Although he stepped down as Oracle\u2019s CEO more than a decade ago, Ellison remains heavily involved as chairman and chief technology officer. Now 81, he could be in line to become a behind-the-scenes media power player, having already helped finance Skydance\u2019s recently completed merger with Paramount<\/a>, a deal engineered by his son, David.<\/p>\n Trump also mentioned Dell founder Michael Dell will be an investor in the new venture.<\/p>\n<\/p>\n