TikTok deal with China approved; Trump confirms 80% US stake

Washington: US President Donald Trump announced on Friday that Chinese President Xi Jinping has given his approval for a deal that will allow TikTok to continue operating in the United States, with American investors taking a controlling stake in the popular video-sharing platform.

Speaking to reporters in the Oval Office, President Trump said, "I had a good call with President Xi. He approved the TikTok deal. We look forward to getting the deal closed. We have to get it signed; it could be a formality. The TikTok deal is on its way, and the investors are getting ready."

The President emphasized that the U.S. will maintain “tight control” over the app, which has faced scrutiny in recent years due to its Chinese ownership.

"We are going to have very tight control. It is an amazing thing that has been created... I am a little prejudiced because I frankly did so well on it. It got me numbers that nobody has ever even heard before," Trump said, referencing his popularity on the platform.

"The young people of this country want it. The parents of the young people want it badly. So we were able to work out a deal with China. It's a very good deal for us. I hope it's a good deal for them... These are American investors... They are very famous people financially. They'll have control of it. I want to thank President Xi because he was a gentleman. We just had a good relationship," he added.

The conversation between Trump and Xi follows mounting pressure over TikTok’s Chinese ties. In April 2024, Congress passed legislation—signed by then-President Joe Biden—that aimed to force TikTok to divest from its parent company, ByteDance, or face a ban beginning January 19, 2025. The Trump administration, which returned to power in January 2025, has yet to enforce that deadline, choosing instead to pursue a negotiated solution.

Shortly after the call, ByteDance released a statement confirming its cooperation with both governments:

"We thank President Xi Jinping and President Donald Trump for their attention to TikTok. ByteDance will advance related work in accordance with the requirements of Chinese law, allowing TikTok U.S. to continue serving American users well," the company stated.

According to The Wall Street Journal and The New York Times, the proposed agreement will give a group of U.S. investors an 80% stake in TikTok’s U.S. operations, with the remaining 20% held by Chinese firms, including ByteDance.