The United States and China have reportedly finalized a deal to transfer ownership of TikTok’s US operations to new American-based investors, according to US Treasury Secretary Scott Bessent.
Speaking on CBS’s Face the Nation, Bessent said the deal was agreed as part of a broader trade framework between the two countries. He confirmed the details were finalized during talks in Madrid and will be formally approved when President Donald Trump and Chinese leader Xi Jinping meet on Thursday in Korea.
Bessent did not provide specific details on the transaction. However, the deal follows Trump’s September executive order authorizing the transfer of TikTok’s US operations to investors, with Americans holding a majority stake.
Reports suggest that the new ownership group includes media figures Rupert Murdoch and Larry Ellison, while TikTok’s parent company, ByteDance, and other Chinese investors will retain less than 20% of the company. The overall deal is estimated to be worth $14 billion.
The executive order also gives the new US-based owners control over TikTok’s algorithm, including six of the seven seats on the board of directors.
TikTok has faced US regulatory scrutiny since 2020, when Trump first threatened to ban the app over security concerns and China’s handling of COVID-19. Congress passed legislation to ban the app, which was signed into law by President Joe Biden in April 2024 but delayed several times while a deal was negotiated.
Trump arrived in Malaysia on Sunday for a five-day tour of Southeast Asia. The meeting with Xi will also cover topics such as US agricultural exports, trade balances, and the fentanyl crisis, which previously prompted Trump’s tariffs on Chinese imports.
