"Speaking on CBS's Face the Nation, Bessent said the transaction would be formally endorsed by President Donald Trump and China's President Xi Jinping during a bilateral meeting in Korea later this week. "We reached a final deal on TikTok," Bessent said. "We reached it in Madrid, and I believe all the details are ironed out. It will be for the two leaders to consummate that transaction.""
"According to sources familiar with the talks, the deal - valued at around $14 billion - will give US and international investors a 65 per cent stake in TikTok's US business, leaving ByteDance and Chinese shareholders with less than 20 per cent. The agreement also hands control of TikTok's algorithm and six of seven board seats to the new American owners."
The United States and China reached a final agreement to transfer control of TikTok's U.S. operations to U.S.-led investors, with formal endorsement to be made by Presidents Trump and Xi at a bilateral meeting in Korea. The transaction is part of a broader trade framework covering agriculture, technology access and fentanyl control. An executive order from 25 September cleared the way for American-led ownership including a majority stake. Sources say the deal, valued at about $14 billion, gives U.S. and international investors a 65% stake, leaves ByteDance and Chinese shareholders with under 20%, and hands control of the algorithm and six of seven board seats to new American owners. High-profile investors reportedly include Rupert Murdoch and Larry Ellison, and the transaction has attracted political scrutiny.
Read at Business Matters
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