Dhaka, Sept. 26 -- President Donald Trump on Thursday signed an executive order supporting a proposed deal that would place TikTok under majority U.S. ownership, a move he said addresses national security concerns while allowing the app to keep operating in the United States.

The order gives American investors - including Oracle, Silver Lake Partners and others - a controlling stake of around 80% in a new U.S.-based venture, with ByteDance holding less than 20%. The arrangement still requires Beijing's approval and final negotiations. The order also grants a 120-day reprieve for TikTok to continue operating.

At a White House signing ceremony, Trump said Chinese President Xi Jinping had agreed to move forward with the deal. Vice Presiden...