President Donald Trump hinted on Truth Social on Monday that a TikTok deal was imminent.

“The major trade meeting in Europe involving the United States and China has achieved great success and is wrapping up soon,” Trump announced on Monday morning. “An agreement has also been reached regarding a particular company that many young people in our nation are eager to see preserved. They’ll be thrilled! I will have a discussion with President Xi on Friday. Our relationship continues to be very robust!!! President DJT.”

Last year, Congress passed a law mandating TikTok to separate from its parent company, ByteDance, based in Beijing, or face a potential ban in the U.S. After several deadline extensions, the current deadline is Wednesday. Shortly following Trump’s message, Treasury Secretary Scott Bessent stated on Monday that the U.S. and China have settled on a “framework” for ByteDance to sell TikTok to an American purchaser.

President Trump and Xi Jinping, China’s leader, are reportedly planning to speak on Friday and finalize the deal, per The New York Times.

“Our focus was on TikTok, ensuring the agreement is equitable for China while fully addressing U.S. national security concerns, and that’s the deal we achieved,” Bessent commented from Madrid.

^{U.S. Treasury Secretary Scott Bessent speaks to the press after a meeting on Sept. 15, 2025, in Madrid, Spain. The U.S. and China have finalized an agreement concerning TikTok during the fourth round of talks in Madrid. Gustavo Valiente/Europa Press | Getty Images}

Who Will Buy TikTok?

It is unclear at this time which suitor will take ownership, per CNBC. But there are many hopefuls.

Oracle is said to be a leading contender since it has served as TikTok’s U.S. cloud provider since 2022. Kevin O’Leary has partnered with billionaire and former Dodgers owner Frank McCourt and Reddit co-founder Alexis Ohanian in “The People’s Bid.” AI startup Perplexity has put forward a bid to integrate its business with TikTok’s U.S. operations for over $50 billion. Amazon and Applovin have also individually presented their own bids.

“We won’t discuss the business teams involved in the deal,” Bessent stated. “This is a matter between two private parties, but the commercial terms have been settled.”