ByteDance, the Chinese owner of TikTok, has earmarked over 150 billion yuan ($20.64 billion) in capital expenditure for this year, much of which will be centred on artificial intelligence, two people briefed on the matter said.

Trump recently signed an executive order granting TikTok’s Chinese parent company, ByteDance, a 75-day extension to divest its ownership stake.

President Donald Trump of the United States signed an executive order on Monday to postpone by 75 days the implementation of a ban on the well-known short-video app TikTok, which was supposed to go into effect 19.

During his first interview as the US President during his second term, Trump defended TikTok and said phones, computers made in China were a far bigger threat

Donald Trump is now being hailed as TikTok's savior after he tried to ban the app during his White House first term.

Donald Trump told a pre-inaugural, MAGA-heavy rally that “TikTok is back,” as he has pledged to sign an executive order that will give the social media platform more time amid a new U.S. law requiring a divestiture from its Chinese parent ByteDance.

President Donald Trump signed an executive order to further delay the TikTok ban in the U.S. In a statement shared hours after he was sworn in on Monday, Jan. 20, Trump announced he was giving TikTok 75 more days before a law banning the social media platform in the U.S. would take effect.

TikTok has confirmed it is "restoring service" after Donald Trump confirmed he will enact an executive order to extend the app's ban deadline.

TikTok could still not be downloaded from the Apple and Google app stores in the U.S, even after President Trump's executive order.

In his first interview since returning to the White House, President Donald Trump has played down the potential national security threat posed by popular social media platform TikTok. The statement comes days after he gave the app a 75-day reprieve from legislation that could have seen it shut down.

ByteDance now has to show that it’s making significant progress on a deal to sell TikTok to a US-based company.