TikTok USA Sale Expected to be Completed This Week
In a recent interview on Face the Nation, U.S. Treasury Secretary Scott Bessent suggested the deal is about to close
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.”
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.”
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.”
TikTok
Donald Trump
Larry Ellison
Oracle
Rupert Murdoch
NewsCorp
Scott Bessent
Xi Jinping
Asia-Pacific Economic Cooperation
TikTok Regulatory Challenges
Social Media Platform Regulation
Platform Geopolitical Risk
Government Tech Policy Shifts
TikTok's Uncertain Future
Social Media Regulation
Divestment Mandate
Policy & Legal
Mergers & Acquisitions
Government Scrutiny
United States
China
South Korea
Busan, KR
Madrid, ES
👋 Disclosures & Transparency Block
- This article was written with information sourced from Digital Music News.
- We covered it because TikTok is a major force in the music industry.
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