TikTok USA Sale Expected to be Completed This Week

TikTok’s USA operations are set to be officially sold this week. This comes after a long saga surrounding a 2024 law requiring the Chinese social media platform to sell the American stake of its business to a US entity.

The deal:

• In September, President Trump signed an executive order approving the sale of TikTok’s American interests to a consortium of investors that included Larry Ellison of Oracle and Rupert Murdoch, Chairman Emeritus of NewsCorp.

• U.S. Treasury Secretary Scott Bessent told Face the Nation that the details of that sale were finalized.

• President Trump and Chinese President Xi Jinping will meet in Busan, South Korea, this week for the Asia-Pacific Economic Cooperation (APEC) summit, where they are expected to discuss the deal.

What they said:

• Bessent: “We reached a final deal on TikTok. We reached one in Madrid, and I believe that as of today, all of the details are ironed out and that will be for the two leaders to consummate that transaction on Thursday in Korea.”

• “I’m not part of the commercial side of the transaction. The—my remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.”