US Treasury Secretary Scott Besant announced that during the talks in Madrid, Washington and Beijing reached a framework agreement on the transfer of ownership of TikTok's American units. According to him, Donald Trump and Xi Jinping will finalize this deal on Friday.
The social video platform TikTok was created and launched in the summer of 2018 by the Chinese startup ByteDance and currently has more than one and a half billion users in 150 countries. The majority of them are teenagers.
Although the company has always emphasized the international nature of TikTok, its independence from the authorities of the People's Republic of China, in several countries, the platform is suspected of cooperating with exceptional services. It is considered a tool of Beijing's global strategy.
Since 2020, TikTok has begun to face difficulties in the markets where it has the largest number of users. For example, India temporarily blocked the platform, and since his first term as president, Donald Trump has threatened to ban the social network in the United States altogether.
To avoid the ban, TikTok's Chinese owner was offered a solution: find a buyer for its American units.
