TikTok Transfer Deal Receives Chinese Approval, U.S. Confirms
The Chinese government has approved an agreement that will see ByteDance relinquish majority control of TikTok's U.S. subsidiary to American investors. U.S. Treasury Secretary Scott Bessent confirmed the deal during an interview with Fox Business Network, noting that the agreement was finalized in Kuala Lumpur, Malaysia.
The development follows a meeting between U.S. President Donald TRUMP and China's President Xi Jinping in Busan, South Korea, where new trade terms were also discussed. Bessent emphasized that the resolution of the deal is expected to unfold over the coming weeks and months.
This MOVE comes over a month after Trump signed an executive order declaring the TikTok sale ready, with the new joint venture valued at $14 billion. The order outlined a sale structure to comply with national security requirements under the bipartisan 2024 law, mandating ByteDance's divestment of its U.S. TikTok operations.
