The US and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent confirmed on Sunday.
Bessent said the deal was completed during talks 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 trade framework covering agriculture, trade balances, and fentanyl control.
Under the reported $14 billion deal, US and international investors will own about 65% of TikTok’s American arm, while ByteDance and Chinese shareholders will retain less than 20%. The new owners will oversee the app’s algorithm and control six of seven board seats.
The sale follows Trump’s September executive order requiring US-based ownership and concludes years of political tension over TikTok’s data security. The agreement is expected to be finalized during the upcoming Trump–Xi summit.
