On October 26, U.S. Treasury Secretary Scott Bessent announced that the U.S. and China have concluded negotiations regarding the transfer of TikTok’s U.S. operations to new owners. In a statement made during an appearance on CBS’s Face the Nation, Bessent highlighted that a final agreement was reached, with details finalized in Madrid. He indicated that U.S. President Donald Trump and Chinese President Xi Jinping are expected to formalize this transfer during a meeting planned for Thursday in Korea.
While specifics of the deal were not disclosed, Bessent noted that it is part of a broader trade framework that both nations are set to negotiate further during the upcoming meeting. This announcement follows Trump’s executive order, signed on September 25, which initiated the process for a new ownership structure primarily involving U.S. investors.
Bessent clarified that his role in the negotiations was to ensure Chinese approval for the transfer, claiming progress had been made over the previous days. While the deal is estimated to be valued at $14 billion, it is expected that U.S. stakeholders will hold about 65% of the company, with Chinese investors, including ByteDance, retaining less than 20%.
In addition to ownership restructuring, the executive order mandates that the new investors will oversee TikTok’s algorithm and hold a majority of seats on the company’s board. Discussions between Trump and Xi are anticipated to cover a range of trade-related topics, including agricultural purchases from U.S. farmers and the ongoing fentanyl crisis, which have previously influenced U.S. trade policy.
Trump was in Malaysia for the Association of Southeast Asian Nations summit as part of a five-day tour of Asia preceding the critical meeting with Xi.
Source: https://www.theguardian.com/technology/2025/oct/26/us-china-tiktok-deal-scott-bessent