U.S. President Donald Trump said in a televised interview on June 29 that he has assembled a group of “very wealthy people” who are prepared to acquire TikTok, with their identities set to be revealed in the coming weeks.
Speaking with Fox News, Trump indicated that a prospective deal would likely require approval from Beijing, but expressed confidence that Chinese President Xi Jinping would ultimately allow the transaction to proceed.
TikTok’s future in the United States has remained uncertain since Congress passed legislation in 2024 mandating that its parent company, ByteDance, divest the app’s U.S. operations to address national security concerns. American lawmakers and regulators remain wary that the Chinese government could influence content or access data from U.S. users.
Earlier this month, Trump granted ByteDance a fresh extension to divest TikTok’s U.S. business, pushing the deadline to September 17. This marks the third postponement since the Supreme Court upheld the TikTok law just ahead of Trump’s second inauguration.
Under the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), set to originally take effect in January, app marketplaces and internet service providers (ISPs) would face penalties for supporting TikTok if the divestiture failed to occur.
The platform briefly went offline in the U.S. as the initial deadline approached, but resumed services after Trump communicated the extension. The president has credited TikTok with bolstering his popularity among younger voters and maintains that he would prefer to see the app continue under American ownership.
Reported suitors range from those close to Trump—such as Oracle’s Larry Ellison—to tech firms including AppLovin and Perplexity AI. Despite the apparent interest, ByteDance’s willingness to part ways with TikTok is questionable, with any sale certain to require Chinese regulatory approval.
A previous deal that would have let ByteDance maintain a minority stake fell apart following Trump’s announcement of new tariffs on China in April, according to sources cited by Reuters. Trump has also floated the idea of U.S. investors acquiring TikTok and then transferring a portion to the federal government as part of a public-private partnership.
Legal analysts caution that any prospective transaction could face additional hurdles if it does not fully comply with PAFACA guidelines, leaving TikTok’s U.S. future hanging in the balance as the September deadline approaches.
