A TikTok Deal Is ‘Approved’ But Not Yet Finalized, President Donald Trump Reveals
President Trump wrote on Truth Social that he had a “very productive” call on Friday with China’s leader, Xi Jinping.
Key Takeaways
- President Trump announced that “progress” has been made on a TikTok deal after a call with China’s leader on Friday.
- The U.S. and China had agreed to a “framework” for a TikTok deal earlier in the week.
- Congress passed a law in 2024 requiring China-based ByteDance to sell TikTok or face a ban in the U.S.
President Donald Trump announced on Truth Social on Friday that he had a “very productive” call with China’s leader, Xi Jinping, and that “progress” has been made “on the approval of the TikTok Deal.”
A White House official told CNBC that the call began at 8 a.m. ET. Although the matter does not appear to have been finalized, Trump wrote that he can “appreciate the TikTok approval” and that the two leaders will meet again in November at the APEC Summit in South Korea.
“I just completed a very productive call with President Xi of China. We made progress on many very important issues, including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote. “The call was a very good one. We will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!”
Earlier this week, Treasury Secretary Scott Bessent announced that the “framework” for a TikTok deal had been reached with China. Then, Trump extended the deadline for a TikTok deal for another 90 days, until December 16, with an Executive Order. It is the fourth extension issued since Congress passed a law last year requiring TikTok’s parent company, Beijing-based ByteDance, to sell the popular app or face a ban in the U.S.
CNBC’s David Faber reported earlier this week that TikTok’s U.S. owners will consist of new and existing investors. Oracle, which has been TikTok’s U.S. cloud provider since 2022, will keep its agreement with the company, sources told Faber. CBS reports that the private equity firm, Silver Lake, is also involved. Reports noted ByteDance would keep an ownership stake.
Bids to buy the app have been submitted by a slew of notable business leaders, including the team of Kevin O’Leary, billionaire former Dodgers owner Frank McCourt, and Reddit co-founder Alexis Ohanian in “The People’s Bid.” AI startup Perplexity, Amazon, and Applovin all submitted separate proposals as well.
Related: President Donald Trump Suggests Canceling Quarterly Reporting: ‘This Will Save Money’
Key Takeaways
- President Trump announced that “progress” has been made on a TikTok deal after a call with China’s leader on Friday.
- The U.S. and China had agreed to a “framework” for a TikTok deal earlier in the week.
- Congress passed a law in 2024 requiring China-based ByteDance to sell TikTok or face a ban in the U.S.
President Donald Trump announced on Truth Social on Friday that he had a “very productive” call with China’s leader, Xi Jinping, and that “progress” has been made “on the approval of the TikTok Deal.”
A White House official told CNBC that the call began at 8 a.m. ET. Although the matter does not appear to have been finalized, Trump wrote that he can “appreciate the TikTok approval” and that the two leaders will meet again in November at the APEC Summit in South Korea.
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