"We reached a final deal on TikTok, Bessent said on Sunday on CBS's Face the Nation with Margaret Brennan. Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: We reached [a deal] in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction during a meeting scheduled for Thursday in Korea."
"Bessent did not disclose any details of the deal. But he did say it was a part of a broader framework agreed to by both the US and China of a potential trade deal to be discussed when Trump and Xi meet in the coming days. The comments from Bessent came after Trump signed an executive order on 25 September paving the way for a deal for new ownership based in the US, with a majority of American investors."
US and China have finalized details to transfer TikTok's US version to new owners, with consummation to be completed by the two leaders during a scheduled meeting in Korea. Treasury secretary Scott Bessent said details were ironed out after talks in Madrid and that his role focused on securing Chinese approval for the transaction. Bessent said he did not disclose commercial details and described the TikTok agreement as part of a broader framework between the US and China tied to a potential trade deal. The announcement followed Donald Trump's 25 September executive order enabling a US-based majority ownership structure. Potential US investors mentioned include Rupert Murdoch and Larry Ellison, and Jack Advent floated Barron Trump as a possible board member. The deal is estimated at $14bn and the majority of US and international investors are expected to own about 65% of the company.
Read at www.theguardian.com
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