The US and China have reached a final agreement on the sale of TikTok’s American operations, treasury secretary Scott Bessent confirmed on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal was concluded in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea.
The $14 billion deal will transfer 65% ownership of TikTok’s US arm to American and international investors, with ByteDance and Chinese shareholders keeping less than 20%. Oversight of the app’s algorithm will go to the new US-based board, which will control six of seven seats.
Bessent said the agreement is part of a broader trade framework to be discussed at the summit, which will also cover agriculture, tariffs, and the fentanyl crisis.
Trump’s administration has pursued the sale since Congress passed a 2024 TikTok ban, repeatedly delaying enforcement to secure this outcome.
