‎United States President Donald Trump on Thursday signed an executive order declaring that his plan is to sell TikTok’s US operations to American and global investors.

‎As reported by Reuters on Friday, the order requires companies bidding for TikTok to meet the national-security requirements of the 2024 law that otherwise would ban the app unless its Chinese owners divest.

‎Speaking to reporters at an Oval Office briefing on Thursday, Vice President James Vance said the newly created US entity would be “valued around $14 billion.

‎“We actually think this is a good deal for investors, but they will make a determination about what they want to invest and what they think is the proper value,” he said.

‎The White House on Thursday pushed back the law’s enforcement date to January 20 to allow time for the transaction, investor commitments, and negotiations with Chinese authorities.

‎The publication of the executive order shows Trump is making progress on the sale of TikTok’s US assets.

‎However, details remain to be worked out, including how the U.S. company would handle TikTok’s most valuable asset: its recommendation algorithm.

‎There was some resistance on the Chinese side, but the fundamental thing that we wanted to accomplish is that we wanted to keep TikTok operating, but we also wanted to make sure that we protected Americans’ data privacy as required by law,” Vance said.

‎According to Reuters, Trump’s order says the algorithm will be retrained and monitored by the U.S. company’s security partners, and operation of the algorithm will be under the control of the new joint venture.

‎Trump said Chinese President Xi Jinping had indicated approval of the plans. “I spoke with President Xi,” Trump said. “We had a good talk, I told him what we were doing, and he said go ahead with it.”

‎Chinese embassy in Washington did not immediately respond to a Reuters request for comment. TikTok did not immediately comment on Trump’s action.

‎Trump has credited TikTok, which has 170 million U.S. users, with helping him win reelection last year. Trump has 15 million followers on his personal TikTok account. The White House also launched an official TikTok account last month.

‎“This is going to be American-operated all the way,” Trump said.

‎He said that Michael Dell, the founder, chairman and CEO of Dell Technologies; Rupert Murdoch, the chairman emeritus of Fox News owner Fox Corp, and newspaper publisher News Corp, and “probably four or five absolutely world-class investors” would be part of the deal.