The US and China have reached a final agreement on the sale of TikTok’s American operations, treasury secretary Scott Bessent announced on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal 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 agreement will give US and international investors a 65% stake in TikTok’s US business, while ByteDance and Chinese shareholders will retain less than 20%. Oversight of the app’s algorithm will shift to the new owners, who will control six of seven board seats.
The sale follows Trump’s September executive order requiring US-based ownership of TikTok, amid long-standing data security concerns. It will be finalized during a broader US–China trade meeting expected to cover agriculture, tariffs, and the fentanyl crisis.
