After the meeting between Chinese President Xi Jinping and US President Donald Trump in Busan, the Chinese ministry confirmed its readiness to work with the American side to "properly resolve the issue of TikTok." The United States has made positive commitments in the areas of investment, and China has agreed to cooperate in the implementation of the deal, the Ministry of Commerce said in a statement.
We are talking about transferring control over TikTok to American businesses: US citizens will receive the largest share in the new structure, while Chinese ByteDance will retain less than 20%. The company will be managed by a new board of directors in compliance with the rules for protecting the information of American users. The value of the deal is estimated at about $14 billion.
In 2024, the law obliged ByteDance to sell the social network or stop its operation in the United States. After the signing of the decree by Donald Trump, the work of the platform was postponed, and the blocking dates were repeatedly postponed, the last time it was extended until December 16, 2025.
