The US and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent announced Sunday.
Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea. He described it as part of a broader US–China trade framework.
Under the reported $14 billion deal, US and international investors will own about 65% of TikTok’s American business, while ByteDance and other Chinese shareholders will retain less than 20%. Oversight of the app’s algorithm will shift to the new US-led board.
Trump’s September executive order paved the way for the transfer after years of political battles over TikTok’s Chinese ownership. The leaders are expected to finalize the deal and discuss trade and security issues at their upcoming summit.
