New questions arise over TikTok sale

Sen. Mark Warner (D-Va.) has demanded answers from Treasury Secretary Scott Bessent about a reported $10 billion fee TikTok's buyers are paying the U.S. Treasury on top of the purchase price from ByteDance. The disclosed deal value was $14 billion, but the actual transaction totals $24 billion when the Treasury fee is included — a 70% commission far exceeding typical M&A banking fees of 1-2%. Warner's letter questions how the fee was determined, approved, and whether it violates the Anti-Deficiency Act, which bars federal agencies from spending appropriated money without Congressional authorization. The Treasury Department, TikTok U.S., Vice President Vance's office, Oracle, and Silver Lake have all declined to comment or explain the fee structure. No official disclosure of the arrangement has been made public.