Trump Says He Has A Group of Wealthy Buyers Ready to Buy TikTok
Synopsis
Former US President Donald Trump announced that a group of "very rich people" is ready to buy TikTok, the social media application that has come under heavy political pressure and been targeted with a…
Former US President Donald Trump announced that a group of "very rich people" is ready to buy TikTok, the social media application that has come under heavy political pressure and been targeted with a possible ban in America.
During an interview on Fox News, Trump refused to name the possible buyers but said, "I'll tell you in about two weeks." He also said that he is certain Chinese President Xi Jinping "will probably do it", meaning approve the sale on the Chinese side.
TikTok, which is controlled by Beijing's ByteDance, was required to divest its U.S. business under an April-passed law. The bipartisan-backed law sought to eliminate Chinese ownership of the app amid security concerns over data privacy and possible Chinese government influence. TikTok has repeatedly refuted these allegations.
A Delayed Deadline and A Complicated Deal
Trump, who once demanded the removal of TikTok in his first term, now favors keeping the app live in the U.S., even going so far as to say that it assisted him in reaching voters during his 2024 campaign. Notwithstanding the law mandating the sale of TikTok by January 2025, Trump has kept its enforcement at bay several times through executive orders. The new deadline for sale is now September 17, 2025.
It is not known if the prospective buyers cited by Trump are identical to those who had previously participated in failed talks. In April, a potential sale collapsed after escalating tensions between China and the White House over tariffs rendered it politically painful for Beijing to authorize a U.S. purchaser.
Though Congress enacted the law to compel a sale, Trump has been accused by critics of disempowering lawmakers by continuously extending deadlines with executive power.
Legal Challenges and Uncertain Future
TikTok opposed the constitutionality of the law, citing that the compelled sale invaded its rights. However, its appeal was denied by the U.S. Supreme Court, making the law effective, pending a deal by the September deadline.
In the meantime, ByteDance has not announced any continuing negotiations or new buyers. The company has been tight-lipped since May after Trump's most recent assertions.
As the deadline approaches and pressure mounts, whether TikTok will remain available in the U.S. is anyone's guess. In case no sale occurs, the platform could be banned in the entire country, impacting more than 150 million American users.
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At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
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