As of 30 November 2025, TikTok’s Chinese parent ByteDance is under a U.S. law (the Protecting Americans from Foreign Adversary Controlled Applications Act, signed April 2024) that effectively forces it to divest TikTok’s U.S. operations or face a ban, and the Supreme Court upheld that law in January 2025, shortly before Donald Trump’s second inauguration. (en.wikipedia.org) In September 2025 President Trump signed an executive order approving a framework “qualified divestiture” in which TikTok U.S. will be operated by a new U.S.-based joint venture, majority-owned by U.S. and allied investors (Oracle, Silver Lake, Dell and others) with ByteDance retaining under 20%. (whitehouse.gov) Reporting indicates this framework values TikTok’s U.S. business at about $14 billion, a figure noted as far below estimates of ByteDance’s overall valuation (around $330 billion), but that comparison is between the U.S. carve-out and the entire global company, not a clear measure of TikTok U.S.’s fair market value. (theguardian.com) Crucially, as of late November 2025 the deal has not yet closed; Trump’s order gives roughly 120 days (into January 2026) to finalize the transaction, and news coverage continues to describe the divestiture as in progress, with lawmakers still questioning its terms. (reuters.com) Because the spin-out and sale of TikTok U.S. have not been completed and no definitive market consensus exists yet on whether the final price is a “distressed” bargain relative to fair value, the multi-part prediction (forced sale to a mostly American buyer, occurring during a Trump presidency, at a well-below-fair-value price) cannot yet be definitively judged.