Trump says he has group of ‘very wealthy people’ ready to buy TikTok

In a recent interview with Fox News, U.S. President Donald Trump revealed that he has a group of affluent investors ready to purchase TikTok. He indicated that he would disclose their identities in approximately two weeks. Trump mentioned that the transaction will likely require approval from Beijing, expressing optimism that Chinese President Xi Jinping would agree to it. While discussing the potential for a pause in his reciprocal tariffs during the program 'Sunday Morning Futures with Maria Bartiromo,' Trump touched on the uncertain future of TikTok in the United States. The platform's fate has been precarious since the enactment of a law in 2024 aimed at banning it unless its Chinese parent company, ByteDance, divested its ownership. This legislation emerged from concerns surrounding the possibility of the Chinese government influencing content and accessing sensitive data belonging to American users. Earlier this month, Trump granted ByteDance a new deadline to divest from TikTok's U.S. operations, marking his third extension since the Supreme Court upheld the TikTok law shortly before his second presidential inauguration in January. The latest deadline is set for September 17. The Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA) was initially scheduled to take effect on January 19, imposing penalties on app store operators and internet service providers supporting TikTok. Ahead of the original deadline, TikTok temporarily disappeared from U.S. app stores, but was reinstated after Trump assured the company of an extension. The president has acknowledged that TikTok played a significant role in boosting his support among younger voters during the last election cycle, reiterating his desire for the app to continue operating under new ownership. Potential buyers for TikTok have included prominent figures connected to Trump, such as Oracle's Larry Ellison, as well as companies like AppLovin and Perplexity AI. However, it remains uncertain whether ByteDance would entertain a sale. Any divestiture would almost certainly require the Chinese government’s endorsement. In April, a plan to separate TikTok’s U.S. operations while allowing ByteDance to maintain a minority stake was disrupted by Trump's announcement of tariffs on China, according to reports from Reuters at that time. Trump had previously suggested a model where American stakeholders would acquire the company and then sell a 50% stake to the U.S. government as part of a joint venture. Legal experts have warned that any prospective deal could face legal hurdles in the U.S. based on compliance with PAFACA.