In 2024, the United States enacted the Protecting Americans from Foreign Adversary Controlled Applications Act (Act), which requires TikTok to be sold by its parent company to non-Chinese owners or face a nationwide ban. This executive order recites that a framework agreement has been presented to the president to undergo a qualified divestiture of TikTok’s United States operations so that TikTok’s United States application will be operated by a newly established joint venture based in the United States and majority owned and controlled by United States persons. Under the divestiture ByteDance Ltd., the owner of TikTok, will own less than 20% of the entity.  The order recites that once ByteDance no longer controls TikTok, the national security concerns raised by the Act will be resolved, and that the framework agreement complies with the Act.