News Summary

The United States and China are set to finalize a significant deal involving the social media app TikTok, with the transaction expected to be consummated by President Donald Trump and Chinese President Xi Jinping on Thursday. This development follows a framework agreement reached in Madrid and is backed by a subsequent executive order signed by President Trump. The deal requires TikTok’s parent company, ByteDance, to establish a new corporate structure for its U.S. operations, which will include a new board of directors. Oracle will oversee security operations, while other investors such as Fox Corp, Andreessen Horowitz, and Silver Lake Management are also involved. Treasury Secretary Scott Bessent confirmed that all details have been ironed out for the final agreement.