TikTok Sale to U.S. Investorsโ could Be Finalized as Early as Wednesday, Key Negotiator Says
WASHINGTON – A deal to โฃfinalize the sale of TikTok to a group of U.S.investors could be completed as โขsoon as โWednesday, Oct. 30, according to Scott Bessent, a โkey negotiator involved in the agreement. The potential resolution comes afterโค years of political and legal battles over the popular short-form video app and its ties to Chinese ownership.
Bessent, speaking Tuesday, indicatedโฃ the remaining hurdles are primarily related to finalizing legal documentation and securing final approvals. The proposed โคdeal aims to address national security concerns raised by U.S. officials whileโฃ allowing TikTok to continue operating within the country.
The agreement,initiallyโข brokered during the Trump governance and continued under President Biden,wouldโข spinโ off TikTok’s U.S. operations into a new entityโ with majority American ownership. Oracle, a U.S.-based technology firm, is slated to serve asโฃ tiktok’s โsecurity provider for its American operations. โคThe full ownership portfolio was expected toโ come together by the start of 2026, but completion could now occur considerably sooner.
Concerns about TikTok’s potential national โขsecurity risks stem from its parent company, ByteDance, being based in Beijing. U.S. officials have expressed fears that ByteDance could be compelled to shareโข U.S. โขuser data with the Chinese government. TikTok has consistently denied these claims.
The path to a potential sale has been fraught with challenges. Inโข January, the platform briefly went “dark” as ByteDance did not meet a federalโข deadline toโ divest the platform, โขfollowingโค legislation signed into law by President Biden in 2024. As then, Trump signed four executive orders extending the deadlineโ for a sale. โค
Originally, Trump valued the U.S. assets of TikTok at $14 billion in a September 25โค executive order, days after the White House announced a preliminary deal. The current status of that valuation โฃremainsโ unclearโ as the final agreement nears completion.