4 hours ago
Last Updated:October 26, 2025, 23:08 IST
US and China finalised a deal to transfer US version of TikTok to new owners, with Barron Trump, Rupert Murdoch, and Larry Ellison floated as investors
US Treasury Secretary Scott Bessent. (Photo: AFP file)
US Treasury Secretary on Sunday said that the US and China have finalised the deal to transfer US’ version of TikTok to new owners.
“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 the meeting scheduled on Thursday)," Bessent said on CBS’s “Face The Nation".
He further said: “I’m not part of the commercial side of the transaction. 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."
The comments a month after President Donald Trump signed an executive order allowing a new ownership of TkTok, with a majority of American investors.
According to The Guardian, Trump’s 19-year-old son, Barron Trump, has been floated by the president’s former social media producer Jack Advent as a potential board member. The President has also indicated that the new investors would likely include media owners Rupert Murdoch and Larry Ellison.
During his previous presidency, Trump had threatened to ban TikTok in retaliation for China’s handling of Covid-19. Congress passed the legislation to ban the app and it became a law in April 2024.
According to The Guardian, the ban was set to go into effect on January 20, 2025, but was extended four times by Trump while his administration worked to develop a deal to transfer ownership.
Trump on Sunday reached Malaysia to attend the ASEAN summit as he kicked off his three-nation tour. The visit marks the first leg of Trump’s three-nation tour, which also includes stops in Japan and South Korea, as well as a proposed meeting with Chinese President Xi Jinping.
Location :
Washington D.C., United States of America (USA)
First Published:
October 26, 2025, 23:08 IST
News world US, China Have Finalised New TikTok Deal, Claims US Treasury Secretary
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