The US and China have reached a final deal to transfer ownership of TikTok’s US operations, treasury secretary Scott Bessent confirmed on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the agreement was completed in Madrid and will be officially sealed when Donald Trump and Xi Jinping meet in South Korea later this week.
The $14 billion deal gives US and international investors a 65% stake, while ByteDance and Chinese shareholders will hold under 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 sale is part of a broader US–China trade framework, expected to include talks on agriculture and the fentanyl crisis.
The move follows Trump’s September executive order forcing the sale, ending years of political battles over data security and Chinese ownership.
