Trump says 'very wealthy' group ready to buy TikTok, awaits China's nod

In a recent interview with Fox News, President Donald Trump revealed that negotiations are underway for a group of affluent investors to acquire TikTok. However, he acknowledged that any deal would likely require the endorsement of Chinese President Xi Jinping. Trump stated, "We have a buyer for TikTok, by the way… I think I’ll need probably China’s approval. I think President Xi will probably do it." While he refrained from disclosing the identities of the potential buyers, he promised to unveil their names in approximately two weeks. This announcement comes amid ongoing turbulence regarding TikTok's future in the United States. A law set to take effect in 2024 compels ByteDance, the app's parent company based in China, to divest its US operations or face a ban. The deadline for this divestment has already been postponed three times by Trump, who has credited TikTok with enhancing his appeal among younger voters for the upcoming election. Earlier this year, discussions were in progress to separate TikTok's US operations into a new entity predominantly owned and run by American investors. However, these negotiations faced setbacks after China expressed its disapproval, particularly following Trump's announcement of new tariffs on Chinese goods. Trump has previously proposed a joint venture involving ByteDance and US investors, which could potentially grant American interests a 50% stake in the app. Notable figures such as Larry Ellison and Elon Musk have been mentioned as possible buyers, although Musk's involvement appears increasingly doubtful. With the deadline looming on September 17, the focus now shifts to whether ByteDance will move forward with the sale and how the Chinese government will respond to any proposed agreement.