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 approved when Donald Trump meets Xi Jinping in South Korea later this week.
Valued at about $14 billion, the deal gives US and international investors a 65% stake, while ByteDance and Chinese shareholders will retain under 20%. Oversight of TikTok’s algorithm will shift to the new owners, who will control six of seven board seats.
Bessent said the agreement is part of a broader US–China trade framework to be discussed during the summit, alongside issues such as agriculture and the fentanyl crisis.
