The US and China have agreed on a final deal to transfer ownership of TikTok’s US operations, treasury secretary Scott Bessent announced Sunday.
Bessent said the agreement was completed during talks in Madrid and will be formally approved when Donald Trump and Xi Jinping meet in South Korea later this week. The $14 billion deal reportedly gives US and international investors about 65% ownership, with ByteDance and Chinese investors holding less than 20%.
Control of TikTok’s algorithm will shift to the new owners, who will hold six of seven board seats. The deal follows Trump’s September executive order mandating a US-led buyout and is part of a broader trade framework set to be discussed at the upcoming summit.
Trump’s meeting with Xi is expected to also cover trade, agriculture, and the fentanyl crisis.
