US Treasury’s Bessent says China has approved TikTok transfer deal
Summary
China has approved the transfer agreement for TikTok's US operations, moving forward a deal mandated by US security laws that requires ByteDance to sell its US assets.
Key Points
- China has approved the transfer agreement for TikTok's US operations, according to US Treasury Secretary Scott Bessent.
- The TikTok deal involves ByteDance selling its US assets to a consortium of US and global investors as ordered by US law in 2024.
- President Trump signed an executive order endorsing the TikTok sale and delaying enforcement of the law until January 20, 2025.
- The new TikTok US entity will have a board with six Americans and one ByteDance-appointed member, with ByteDance holding less than 20% ownership.
