US, China finalize TikTok sale amid trade talks
The United States and China have finalized terms for TikTok’s American operations to be transferred to new hands, Treasury Secretary Scott Bessent said on Sunday. Presidents Donald Trump and Xi Jinping will sign off on the arrangement when they meet in Korea this week. The deal gives American and foreign investors 65 percent ownership while ByteDance retains less than 20 percent.
Bessent told CBS that negotiators settled final points in Madrid and that control of the algorithm, plus six board seats, will go to the buyers. The transaction carries a price tag near 14 billion dollars. Reports name Rupert Murdoch and Larry Ellison among those backing the purchase, with Barron Trump mentioned as a possible board appointee.
Trump issued an executive order on September 25 to permit the sale after lawmakers passed a ban in April 2024. The president arrived in Malaysia on Sunday, ahead of the ASEAN summit, and will meet Xi on Thursday. Trade officials plan to address farm goods, tariffs, and fentanyl policy at that session.
