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 in Madrid and will be officially approved when Donald Trump and Xi Jinping meet in South Korea later this week.
He described the agreement as part of a broader trade framework, covering issues such as agriculture, trade balance, and fentanyl trafficking.
The $14 billion deal will see US and international investors control about 65% of TikTok’s American business, with ByteDance and Chinese shareholders holding under 20%. Oversight of the app’s algorithm will go to the new owners, who will have six of seven board seats.
Trump’s executive order in September paved the way for the sale, resolving years of dispute over data security and Chinese ownership. The agreement is expected to be finalized when the two leaders meet on Thursday.
