Treasury Secretary Scott Bessent on Monday said U.S. and Chinese officials have reached a framework for a deal that would allow TikTok to continue operating in the United States, days before a statutory deadline to bar the app takes effect.
Bessent, who announced the development after talks with Chinese Vice Premier He Lifeng in Madrid, said the agreement was reached with guidance and involvement from President Donald Trump. He said Chinese counterparts made some "aggressive asks" during the negotiations. Trump said he would speak with Chinese President Xi Jinping on Friday about the company.
The framework comes against the backdrop of a law passed late last year that requires ByteDance, TikTok’s China-based parent company, to divest the app for it to continue operating in the United States. That statute followed an investigation by a bipartisan congressional panel concluded last year that TikTok posed espionage risks, manipulated public opinion and worked against American interests. The app has been downloaded more than 175 million times in the U.S.
TikTok was briefly banned for a day in January, and the administration later signed an order intended to keep the service running while prospective buyers examined options to separate the platform from ByteDance. The White House has extended deadlines multiple times as talks continued.
Officials have not publicly confirmed who would purchase TikTok’s U.S. operations if a divestiture proceeds. Reporting has identified Oracle co-founder Larry Ellison as a frontrunner, with accounts saying he is leading a team of investors. Oracle currently hosts TikTok’s U.S.-based data and conducts code audits intended to ensure safety and compliance. Media reports have suggested that venture capital firm Andreessen Horowitz also could be involved.
Ellison, a longtime Trump supporter and frequent White House visitor, has been mentioned in coverage as a possible buyer who could see a dramatic rise in wealth if a deal were completed. Those characterizations are based on market speculation and reporting about prospective deal valuations; neither Ellison nor Oracle has confirmed an acquisition. Representatives for ByteDance, TikTok, Oracle and Andreessen Horowitz did not provide immediate comment when contacted by media outlets reporting the story.
Bessent said the Chinese side made assertive demands during negotiations but did not disclose specific terms of the framework. The administration has also remained largely silent on the precise structure of any transaction, including whether a sale would involve a complete divestiture of ownership or alternative arrangements to isolate U.S. user data and governance.
Beyond Ellison and venture capital interest, other potential buyers mentioned in reporting have included media personalities and individual investors, though those names have not been substantiated by the companies involved. Lawmakers and national security officials have pressed for a solution that addresses intelligence and data-protection concerns while balancing economic and political consequences of a high-profile divestiture.
The talks illustrate broader tensions in U.S.-China relations over technology, data and market access. Officials in both capitals have on multiple occasions indicated they were close to an agreement earlier this year, and negotiators returned to the issue as the statutory deadline approached.
If the framework advances to a binding deal, it will mark a significant resolution to a volatile dispute that has attracted scrutiny from lawmakers, national security officials, technology companies and users. The administration and Chinese officials have not released a timetable for finalizing terms, and White House and Chinese government spokespeople did not immediately respond to requests for additional details.