Former President Donald Trump claimed on Tuesday that a sale is finally going through to sell TikTok to a consortium of high-net-worth American investors—a move that, if it happens, would reshape the app’s uncertain future in the U.S.
Speaking on Fox News in an interview on Sunday, Trump said a purchaser has emerged to buy the extremely popular short-form video app from its Chinese parent, ByteDance.
“We have a buyer for TikTok, by the way,” Trump declared. “I think I’ll probably need China’s approval. I think President Xi [Jinping] will likely do it.”
He refrained from identifying any buyers or companies that had been negotiating with him. Instead, he said that the names of the buyers would be made public within a couple of weeks—a usual drumbeat for Trump, who frequently hints at dramatic unveilings on the same timeframe.
The comments follow increasing political pressure in Washington on TikTok. Republican and Democratic lawmakers have debated for years that the app is a national security threat due to its Chinese connection and the potential for the Chinese government to obtain American user information.
Late last month, Trump proposed yet another solution to break the impasse. He recommended creating “a joint venture between existing owners and/or new owners where the U.S. has a 50% ownership.” That plan, however, never gained traction, and talks about prohibiting or forcing the sale of the app have continuously dragged on.
The House of Representatives approved this year a bill that would force ByteDance to sell TikTok or else risk a complete ban in the U.S. But Trump, who is seeking the presidency again, has held back from wholeheartedly supporting the bill, fearing the impact on free speech and the app’s enormous popularity with young voters.
In spite of the aggressive rhetoric on national security, Trump has also recognized that TikTok is a valuable business asset. As president, he earlier attempted to negotiate an arrangement that would see Oracle and Walmart acquire control of TikTok’s American operations. That attempt fell apart after months of talking and litigation.
So far, there is no indication that this new claimed group of “very rich individuals” has submitted a serious offer, or if the Chinese government would ever approve such a sale. ByteDance has repeatedly denied sharing American user data with Chinese officials, but those reassurances have not allayed fears in Washington.
If the sale does proceed, it would represent one of the most well-known tech acquisitions of recent history—and possibly establish a model for the way the United States treats foreign-owned social media companies in the future.
For now, though, TikTok’s future in America remains uncertain, with millions of users and creators holding their breaths to find out what happens next.
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