Overview
- Treasure Secretary Scott Bessent said a “final deal” has been reached and will be consummated by President Trump and President Xi at their Oct. 30 meeting in South Korea.
- Bessent said his remit was securing Beijing’s approval for the transaction and that he believes it was obtained over the past two days.
- The agreement envisions a U.S.-majority ownership and board for TikTok’s U.S. operations, with U.S.-controlled data and algorithm oversight and Oracle in a lead security role.
- Vice President J.D. Vance has put the U.S. TikTok entity’s valuation near $14 billion, and reporting names expected American investors including Oracle, Andreessen Horowitz and Silver Lake.
- The White House frames the arrangement as satisfying the 2024 divest-or-ban law, though some lawmakers remain wary of residual risks from ByteDance’s sub-20% stake and any licensing terms.