Trump, Xi expected to ‘consummate’ TikTok deal on Thursday, Bessent says

In a Sunday morning appearance on CBS’ Face the Nation, Treasury Secretary Scott Bessent said the U.S. and China have reached “a final deal on TikTok.” “We reached one 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 on Thursday in Korea,” Bessent said. He declined to discuss the details of the agreement, but added, “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 is expected to sell its U.S. assets to a consortium of investors, likely to include Oracle (ORCL), Silver Lake Management and MGX, according to media reports. ByteDance, TikTok’s global parent, is expected to maintain a minority stake in the U.S. business. Publicly traded companies in the social media space include Meta Platforms (META), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).