President Donald Trump and Chinese President Xi Jinping are expected to finalize a deal that would shift control of most of TikTok’s U.S. assets to American investors. The agreement, years in the making, would resolve a standoff over the app’s future in the United States.
The framework, reached in Madrid, calls for U.S.-based venture capital and tech firms — including Oracle, Andreessen Horowitz, and Silver Lake — to hold an 80% stake. Chinese investors would retain 20%. A U.S.-led board would oversee operations, with one member appointed by the Trump administration.
#WATCH | Donald Trump and Chinese President Xi Jinping spoke by phone today to push forward a deal allowing TikTok to continue operating in the U.S., while addressing broader trade issues@SumitaKareer breaks down the key takeaways from the call#DonaldTrump #XiJinping… pic.twitter.com/W2Z3Klhr41
— ET NOW (@ETNOWlive) September 19, 2025
The deal follows legislation signed by former President Joe Biden requiring TikTok’s U.S. divestiture. Trump repeatedly delayed enforcement to pursue negotiations.
Officials say the agreement clears the way for a long-sought Trump-Xi meeting in October. TikTok, with 170 million U.S. users, has become a flashpoint in trade and national security tensions.
