China Approves TikTok Sale Deal
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Today, US Treasury Secretary Scott Bessent officially announced that China has approved an agreement to divest the U.S. division of short-form video service TikTok to a consortium of American and international investors. This announcement followed a meeting between the US and Chinese leaders.
“In Kuala Lumpur, we finalized the TikTok deal in terms of obtaining China’s approval. I expect it to begin implementation in the coming weeks and months, and we will finally see it finalized,” Bessent said on Fox Business Network following a meeting between US President Donald Trump and Chinese President Xi Jinping.
China’s Ministry of Commerce confirmed that Beijing will “appropriately address TikTok-related issues” in conjunction with the US side.
TikTok, which is owned by Chinese company ByteDance, has not yet commented on the statement.
ByteDance’s stake in the new company is limited to 20%. The agreement regarding TikTok’s US operations stipulates that the company will appoint one of the seven board members of the new organization, with the remaining six seats held by Americans.
ByteDance has not yet commented on the situation.
