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flag U.S. and China agree to sell TikTok to American owners, complying with a 2024 law.

flag The U.S. and China have finalized a deal for TikTok to be sold to American owners, with President Trump and President Xi set to approve the transaction in South Korea. flag U.S. Treasury Secretary Scott Bessent confirmed the agreement was reached in Madrid, with China’s approval secured. flag Under a 2024 bipartisan law, ByteDance will retain less than 20% ownership, while American investors will control the remaining 80%, ensuring the platform is fully American-operated. flag The deal follows multiple deadline extensions and a brief January shutdown of TikTok, which resumed after Trump pledged to pursue a negotiated sale instead of enforcement. flag Bessent declined to disclose financial or operational details, stating his role was limited to securing China’s agreement.

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