U.S. finds potential purchaser for TikTok after Trump's announcement
President Donald Trump has announced a deal regarding the popular social media app TikTok, aimed at keeping the platform operational in the United States. The agreement, which is still subject to approval by Congress, comes after a series of delays and negotiations between the US and China.
The deal involves transferring TikTok's US assets to US owners, with a consortium of US investors set to take over as part of the agreed deal. This move is framed as a divestment by ByteDance, the current owner of TikTok, which is based in China. The specific names of the US investors involved have not been confirmed yet.
Other potential buyers, in addition to ByteDance, include former Dodgers owner Frank McCourt, a startup led by the OnlyFans founder, and Amazon. Previous reports also mentioned Elon Musk, Kevin O’Leary, Steve Mnuchin, Jimmy Donaldson (MrBeast), and Bobby Kotick as potential buyers.
The deal requires approval by Congress, as per a 2024 law demanding ByteDance to divest due to security concerns. This law was passed in response to concerns about the potential risks posed by TikTok's Chinese ownership.
The value of TikTok is estimated to be up to $50 billion, according to analysts. The platform has 170 million US users, making it a significant player in the social media landscape.
Trump praised the agreement as a win for both countries, stating it would safeguard "tens of billions of dollars of value". The deal is seen as a breakthrough in long-running US-China talks aimed at easing trade tensions.
Notably, the White House recently launched a TikTok account, further indicating the administration's interest in the platform. However, the deal was previously stalled due to China's resistance during US tariff hikes.
The agreement comes after the deal was delayed three times by Trump's administration. Trump has credited TikTok with boosting his re-election campaign, using the platform to release campaign videos and interact with supporters.
This week, officials from both the US and China reached a framework agreement on the TikTok deal. A final confirmation is expected during a Trump-Xi call on Friday. The exact details of the deal are yet to be fully disclosed, but the focus remains on securing the future of TikTok in the US.
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