The US and China have reached a final agreement on the sale of TikTok’s American operations, treasury secretary Scott Bessent announced on Sunday.
Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea. The agreement is part of a broader trade framework that also covers agriculture, trade balance, and the fentanyl crisis.
The $14 billion deal will see US and international investors take a 65% stake in TikTok’s US business, while ByteDance and Chinese shareholders will hold less than 20%. Oversight of the app’s algorithm will go to the new owners, who will control six of seven board seats.
The sale follows years of political disputes over TikTok’s data security and Chinese ownership. Trump and Xi are expected to finalize the deal and discuss wider trade issues during their upcoming meeting.
