Trump announces TikTok deal/Chinese company ByteDance agrees to transfer assets to US
US President Donald Trump announced the reaching of an agreement between the United States and China to allow TikTok to continue operating in the US. Three sources familiar with the matter said the agreement is similar to one that was discussed earlier this year.
Under the deal, TikTok's U.S. assets will be transferred to American owners from Chinese company ByteDance, ending a nearly year-long delay. A deal for the app, which has 170 million users in the U.S., would be a significant step forward in long-running negotiations between the world's two largest economies.
"We have a deal for TikTok... We have a group of very large companies that want to buy it," Trump said at a press conference at the White House, without giving further details.
The White House extended the deadline until December 16, giving ByteDance another 90 days to complete the deal to transfer TikTok's U.S. assets to American owners. This shows that there is still a lot of work to be done to close this complex transaction.
According to the Wall Street Journal, the new entity will have a board of directors dominated by Americans, with one member appointed by the US government.
Any final deal could require approval from the Republican-controlled Congress, which passed a law requiring the sale of TikTok in 2024 during the Biden administration. They raised concerns about the data of American users, which could be used by the Chinese government to spy on or influence public opinion through the app.
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