Washington — U.S. Treasury Secretary Scott Bessent announced Sunday that the United States and China have reached a final agreement on the sale of TikTok’s U.S. operations to new American-based owners.
Speaking on CBS’s Face the Nation, Bessent said the deal was concluded in Madrid and will be formally approved during a meeting between Donald Trump and Xi Jinping later this week in Korea. He described the agreement as part of a broader trade framework between Washington and Beijing but declined to share details about the ownership transfer.
Trump’s September 25 executive order cleared the way for the sale, expected to value TikTok’s U.S. business at $14 billion. The new structure reportedly gives U.S. and international investors a 65% stake, while ByteDance and Chinese investors retain less than 20%.
Bessent noted that the arrangement includes oversight of TikTok’s algorithm by the new board, where six of seven seats will go to American investors.
The upcoming Trump–Xi meeting will also address broader issues including agriculture trade, fentanyl exports, and tariffs on Chinese imports.
