The future of TikTok in the United States took a major step forward Thursday after China approved a transfer agreement for the popular short-video app.
US Treasury Secretary Scott Bessent confirmed the move, saying he expects the sale to progress over the coming weeks and months.
“In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we’ll finally see a resolution to that,” Bessent told Fox Business Network following President Donald Trump’s meeting with Chinese leader Xi Jinping.
China’s Commerce Ministry also issued a statement saying it would “properly handle TikTok-related issues with the United States,” signaling cooperation on the deal. TikTok, owned by Beijing-based ByteDance, has not commented on the approval.
According to Reuters, the app’s US future has been uncertain for over 18 months. In 2024, Congress passed a law requiring ByteDance to sell TikTok’s US assets by January 2025.
The move was driven by concerns over national security and data privacy for the 170 million American users of the app.
Trump signed an executive order on September 25, approving the plan to sell TikTok’s US operations to a consortium of US and global investors.
The order also delayed enforcement of the law until January 20. According to the order, the TikTok algorithm will be retrained and monitored by US security partners, with its operation under the control of the new joint venture.
ByteDance to Keep Under 20% in TikTok US
Under the agreement, ByteDance will appoint one of seven board members for the new US entity, while Americans will hold the other six seats.
ByteDance’s ownership stake will be less than 20%, in compliance with the law, Independent reported.
Despite the approval, concerns remain. Representative John Moolenaar, Republican chair of the House Select Committee on China, warned that a licensing agreement for TikTok’s algorithm could raise “serious concerns” regarding security and control.
The deal represents a critical turning point for the app, which has faced growing scrutiny from US lawmakers over its Chinese ownership.
If completed, the sale would allow TikTok to continue operations in the US, providing a lifeline for the app and its users while addressing government concerns.
Bessent’s comments suggest that after months of uncertainty, TikTok’s US future may finally be on track.
For millions of Americans, the app’s popular dances, challenges, and videos could continue uninterrupted, under new management designed to meet US security standards.
Originally published on vcpost.com
