Four different groups are keen on buying the social media giant TikTok, says President Trump.
The Chinese-owned platform faces being banned in the US over security fears, unless it can find a buyer.
He stated all options remain open.
TikTok’s Future Hangs in the Balance
A law requiring ByteDance, TikTok’s parent company, to sell the platform on national security grounds or face a ban took effect on January 19.
After taking office on January 20, Trump signed an executive order delaying enforcement of the law by 75 days, providing more time for a potential sale.
Trump: “A Lot of People Want It”
Speaking to reporters aboard Air Force One, Trump was asked whether a deal for TikTok was imminent. His response: “It could.”
He said:
“We’re dealing with four different groups, and a lot of people want it … all four are good.”
Potential Buyers Express Interest
The uncertainty surrounding TikTok has attracted several high-profile potential buyers.
Among them is Frank McCourt, former owner of the Los Angeles Dodgers. Analysts estimate the platform could be valued at up to $50 billion.
Trump has previously stated Microsoft is interested in buying the platform.
YouTuber Mr Beast has also gone on record as a potential buyer.
But Elon Musk, the world’s richest man and a close ally of Trump, has ruled himself out of taking over.
As negotiations continue, TikTok’s fate remains unclear, with the next steps hinging on government approvals and bidder agreements.
The TikTok Saga
In April 2024, President Joe Biden signed the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), mandating ByteDance to divest its US TikTok operations by January 19, 2025, or face a ban.
ByteDance challenged this law, but in December 2024, a federal appeals court upheld it, emphasizing the importance of protecting American user data from potential foreign threats.
The Supreme Court also upheld the law in January 2025, reinforcing the government’s stance on national security.
As the divestment deadline approached, TikTok briefly suspended its US services on January 18, 2025. However, services were restored after President-elect Donald Trump indicated he would grant ByteDance additional time to find an American buyer.
On January 20, 2025, President Trump issued an executive order delaying the enforcement of the TikTok ban by 75 days, setting a new deadline of April 5, 2025.
Currently, four US groups are in discussions to acquire TikTok’s US operations.
Notable potential buyers include Oracle Corp. and a consortium led by Reddit co-founder Alexis Ohanian and former Los Angeles Dodgers owner Frank McCourt.
President Trump has expressed optimism about these negotiations and has suggested he might extend the April deadline if necessary to facilitate a successful sale.
The outcome of these negotiations will determine TikTok’s future in the US as the platform seeks to address national security concerns and continue its operations under American ownership
