The US and China have agreed on a final deal to transfer ownership of TikTok’s US operations, treasury secretary Scott Bessent confirmed on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump meets Xi Jinping later this week in South Korea.
Valued at $14 billion, the agreement gives US and international investors a 65% stake in TikTok’s American arm, with ByteDance and Chinese shareholders holding less than 20%. Oversight of the app’s algorithm will move to the new board, dominated by US investors.
The sale follows years of debate over data security and Chinese influence. It also forms part of a broader trade framework expected to cover agriculture, trade balances, and fentanyl exports when Trump and Xi meet on Thursday.
