Former U.S. President Donald Trump has revealed that a group of “very wealthy people” is ready to purchase TikTok’s U.S. operations, but the deal remains in limbo pending potential approval from Chinese President Xi Jinping. Trump’s comments, made during a recent Fox News interview, come amid escalating pressure on ByteDance, TikTok’s Beijing-based parent company, to divest its U.S. assets or face a nationwide ban.
In 2024, U.S. Congress passed a law mandating ByteDance to divest TikTok’s U.S. operations by a specified deadline. The Supreme Court unanimously upheld the legislation, reinforcing bipartisan concerns over data privacy and national security. Trump has since extended the divestment deadline three times, with the current date set for September 17, 2025.
Trump declined to name the potential buyers, stating he would reveal their identities “in about two weeks”. While speculation has swirled around figures like Oracle’s Larry Ellison and Tesla CEO Elon Musk, no official confirmation has been made. Notably, Trump acknowledged TikTok’s influence on his popularity with younger voters during the 2024 election campaign.
Efforts to finalize a U.S.-based spin-off of TikTok have stalled due to Beijing’s resistance, which hardened following Trump’s announcement of new tariffs on Chinese goods. China has historically opposed forced divestitures of its tech companies and may view any sale as a strategic concession.
Earlier proposals considered a joint venture structure, allowing U.S. investors to hold a 50% stake while maintaining some operational control. However, with rising geopolitical tensions, such compromise solutions may be increasingly difficult to secure. As the deadline approaches, uncertainty looms over whether ByteDance will sell its U.S. assets or risk a full ban. The final decision may rest not just with Washington, but with Beijing’s willingness to approve the transaction.
