Trump says TikTok has a buyer, but keeps names under wraps
Shortly after extending the ban deadline, Trump claims a buyer has been found for the US business.
Just a couple of weeks after declaring that TikTok’s US ban will be delayed for a third time, President Donald Trump has said a buyer has finally been found. However, for now at least, he’s keeping the identity of the buyer/s under wraps.
TikTok’s future in the United States continues to be the subject of political back and forth, but a recent statement from Trump has added a fresh twist. During an appearance on Fox News’ Sunday Morning with Maria Bartiromo, Trump revealed that a deal has been reached to sell TikTok’s US business. However, he declined to name the buyer, saying the group would be confirmed in “about two weeks”.
The new buyer has only been described by Trump as “a group of very wealthy people”. No further information was given about the individuals or companies involved, nor the value of the deal. Trump also mentioned that the agreement may still require the approval of China’s leadership. “We have a buyer for TikTok, by the way. I think I’ll need probably China approval and I think President Xi [Jinping] will probably do it,” he said.
Interest in acquiring TikTok’s US arm has been high since the passage of the so-called “divest-or-ban” law. The law, introduced by former president Joe Biden, requires TikTok’s Chinese parent company ByteDance to sell the platform or face removal from the US market. There were past rumours that Elon Musk might get involved, but he publicly denied them, saying: “I have not put in a bid for TikTok. I don’t have any plans for what I would do if I had TikTok.”
The TikTok sale-or-ban saga has been unpredictable, and has perhaps now become almost predictable in its unpredictability. Initially, the ban was upheld by the Supreme Court in January this year, leading to TikTok going dark in the US. Less than 24 hours later, the service was restored following reassurances from Trump – just one day before he officially took office.
Trump’s recent executive order has given ByteDance, TikTok’s owner, a 90-day extension and allows time for a deal to be finalised.
The platform responded with a statement shared by the Associated Press: “We are grateful for President Trump’s leadership and support in ensuring that TikTok continues to be available for more than 170 million American users and 7.5 million US businesses that rely on the platform as we continue to work with Vice President [JD] Vance’s Office.”
This is the third extension that TikTok has received. All eyes will now be on Trump to reveal who the mystery buyers are, and whether the Chinese government approves the deal.