The US and China have reached a final deal to transfer TikTok’s US operations to new owners, treasury secretary Scott Bessent announced on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the agreement was completed in Madrid and will be formally signed when Donald Trump and Xi Jinping meet in South Korea later this week.
The $14 billion deal will give US and international investors a 65% stake in TikTok’s American business, while ByteDance and Chinese shareholders will retain under 20%. Oversight of the app’s algorithm will move to the new US-led board.
The sale, part of a broader US–China trade framework, follows Trump’s September executive order requiring US ownership of TikTok. The two leaders are also expected to discuss trade and the fentanyl crisis during their meeting on Thursday.
