President Donald Trump said on Tuesday that the United States and China have reached an agreement on TikTok, clearing the way for the ByteDance-owned app’s American operations to be transferred to US investors. The deal could end months of uncertainty over the platform’s future, just ahead of a September 17 deadline to sell or shut down the app.
“We have a deal on TikTok. We have a group of very big companies that want to buy it,” Trump told reporters, without naming the buyers. He called the agreement a major step forward for both countries, saying it would preserve tens of billions of dollars in value and keep the app’s 170 million US users connected.
The move follows a 2024 law passed under the Biden administration requiring TikTok’s divestment over national security concerns. Lawmakers argued that Chinese ownership could expose Americans to surveillance or manipulation, though TikTok has repeatedly denied the claims. While Congress mandated the sale, the Trump administration delayed enforcement several times, wary of angering users.
Trump has been outspoken about TikTok’s role in his political success, crediting the platform with boosting his 2024 re-election campaign. His personal account has 15 million followers, and the White House recently launched its own official TikTok presence.
Sources familiar with the deal said existing ByteDance investors would remain involved alongside new American backers. CNBC reported the transaction could close within 30 to 45 days, with Oracle expected to continue hosting TikTok’s US data on its cloud infrastructure. Treasury Secretary Scott Bessent confirmed most commercial terms had been agreed since March, emphasizing that national security safeguards were built into the arrangement.
The agreement had been delayed after Beijing resisted approval in response to Washington’s tariff hikes on Chinese goods. But a breakthrough came earlier this week when negotiators from both sides finalized a framework that will now go to Trump and Chinese President Xi Jinping for confirmation in a scheduled call on Friday.
Potential buyers previously linked to the process included Microsoft, Amazon, billionaire Frank McCourt, and a consortium led by the founder of OnlyFans. Oracle’s role, however, has remained central, particularly in addressing US security concerns.
Shares of Oracle rose 2% on Tuesday before easing slightly after the announcement. The deal is expected to spin off TikTok’s US operations into a new, majority American-owned company headquartered in the United States.
