The US and China have agreed on a final deal to transfer ownership of TikTok’s US operations, treasury secretary Scott Bessent announced on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the agreement was reached in Madrid and will be officially confirmed when Donald Trump and Xi Jinping meet later this week in South Korea.
The $14 billion deal gives US and international investors a 65% stake in TikTok’s American arm, with ByteDance and Chinese shareholders retaining less than 20%. Oversight of the app’s algorithm will pass to the new owners, who will control six of seven board seats.
The agreement follows Trump’s September executive order to move TikTok under US-based ownership and is part of a broader US–China trade framework expected to include talks on agriculture, trade, and fentanyl trafficking.
Trump and Xi are expected to finalize the deal during their Thursday meeting.
