The US and China have reached a final agreement on the sale of TikTok’s American operations, treasury secretary Scott Bessent announced Sunday.
Bessent said the deal, completed in Madrid, will be officially finalized when Donald Trump and Xi Jinping meet in South Korea later this week. He described it as part of a broader US–China trade framework to be discussed at the summit.
The $14 billion agreement will give US and international investors a 65% stake in TikTok’s US business, while ByteDance and Chinese investors will hold under 20%. Oversight of the app’s algorithm will transfer to the new owners, who will control six of seven board seats.
The deal follows years of political tension over TikTok’s Chinese ownership and comes after Trump’s September executive order mandating the app’s sale to US-based investors.
