The US and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent announced Sunday.
Bessent said the deal was finalized in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea. He described the agreement as part of a broader US–China trade framework.
The deal, worth about $14 billion, will give US and international investors a 65% stake, while ByteDance and Chinese investors will hold less than 20%. Oversight of TikTok’s algorithm will shift to the new owners.
The sale follows years of disputes over TikTok’s data security. Trump’s administration pushed for US control after signing an executive order in September to ensure the app’s operations complied with American regulations.
Trump and Xi are expected to finalize the transaction and discuss trade and security issues during their meeting on Thursday.
