U.S. Treasury Secretary Scott Bessent confirmed the development in a Face the Nation appearance on Sunday. Bessent told Margaret Brennan that the U.S. "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."
Per the law signed by President Biden last year, TikTok has to sell to an American company or face a ban in the U.S. According to Trump's executive order, that represents a joint venture of different investors and American companies, namely Oracle, which will now have a majority stake in the company. ByteDance will continue to have a minority stake, controlling less than 20% of the company.
We won't know the specifics until the deal is public, but if the secretary is to be believed, the deal is at least official. Soon enough, TikTok will be allowed to operate in the U.S. with zero risk of being banned—though the privacy risks it poses may have just moved from one country to another.
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