By Samantha Waldenberg, Clare Duffy, CNN

(CNN) — President Donald Trump is expected to sign an executive order on Thursday that will clear the way for the completion of a deal to sell TikTok’s US assets to a consortium of American investors, a White House official tells CNN.

Trump spoke with Chinese President Xi Jinping on Friday to discuss the deal. Earlier this year, a law banning the popular social media app in the US went into effect. The law bars the app unless it sold approximately 80% of its assets to US-backed investors.

Thursday’s executive order is expected to state that the deal constitutes a qualified divestiture as required by the ban-or-sale law that passed with strong bipartisan consensus last year. The president is also expected to extend the pause on enforcing the law by another 120 days so that paperwork and regulatory approvals for the deal can be completed. Trump recently extended the pause until December 17.

The deal will transfer control of TikTok’s US operations, along with a copy of the algorithm, to a new joint venture based in the United States, according to the White House. That ownership group will have majority American investors and run by a majority American board of directors, and Oracle is expected to oversee the app’s algorithm, as well as data and privacy issues.

The expected deal also lays the groundwork for the first in-person meeting between Trump and Xi since Trump returned to office. The leaders are expected to meet next month at the APEC Summit in South Korea.

This is a developing story and will be updated.

The-CNN-Wire
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