The US and China have finalized a deal to transfer majority ownership of the American version of TikTok to new owners, Treasury Secretary Scott Bessent revealed on Sunday.
The United States and China have reached a final agreement on the transfer of TikTok’s ownership, resolving a long-standing dispute over the popular video-sharing platform’s ties to the Chinese Communist Party. Treasury Secretary Scott Bessent announced the deal during an appearance on CBS News’ Face the Nation, stating that President Trump and Chinese leader Xi Jinping will officially “consummate” the agreement during their upcoming meeting in Busan, South Korea on Thursday.
The finalization of the TikTok deal marks a crucial step in addressing US national security concerns surrounding the app’s ownership by ByteDance, a company with links to the Chinese government. Under the framework outlined in Trump’s executive order last month, ByteDance will retain less than 20 percent ownership of TikTok, while “certain investors” will acquire an 80 percent stake in the platform. This arrangement complies with legislation passed by Congress and signed into law by former President Joe Biden last year, mandating TikTok’s divestment from its Chinese owners.
Although Bessent refrained from providing specific details about the finalized deal, he emphasized that his role was to secure China’s approval for the transaction, which he believes has been successfully accomplished over the past two days. The Treasury Secretary also hinted at the involvement of prominent figures such as Oracle co-founder Larry Ellison, tech mogul Michael Dell, and News Corp Chairman Emeritus Rupert Murdoch in the TikTok deal, as previously mentioned by President Trump.
Breitbart News previously reported that Vice President JD Vance revealed the primary investors in the American group that will own TikTok:
Under the terms of the deal, a new joint-venture will operate TikTok’s U.S. business, with ByteDance holding a minority stake of less than 20 percent. The remaining investors include Oracle, private equity firm Silver Lake, and Abu Dhabi investment fund MGX. President Trump has also indicated that media mogul Rupert Murdoch and tech entrepreneur Michael Dell will be part of the takeover group.
A key aspect of the arrangement involves ByteDance leasing its algorithm to the new U.S. entity, with Oracle tasked with retraining it. Additionally, Oracle will manage a secure cloud containing U.S. users’ data, implementing controls to prevent other countries from accessing it. This move aims to address long-standing concerns about who would control TikTok’s powerful recommendation software and the associated security and data privacy risks.
Breitbart News will continue to report on updates in the TikTok deal.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.
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