Former U.S. President Donald Trump announced during a Fox News interview that a group of "very wealthy people" is poised to acquire TikTok's U.S. operations, with plans to reveal their identities within two weeks. The proposed deal, Trump suggested, would require approval from Chinese authorities due to parent company ByteDance’s ties to the Chinese mainland.
Trump expressed confidence in China’s cooperation, stating, "I think I’ll need probably China’s approval… they’ll probably do it." This comes after multiple deadline extensions for ByteDance to divest TikTok’s U.S. assets, now set for September 17, under a 2024 U.S. law mandating a sale or shutdown.
Earlier negotiations to spin off TikTok into a U.S.-led entity stalled amid escalating trade tensions, including Trump’s tariffs on Chinese goods. Analysts note the app’s political significance, as Trump credits TikTok with bolstering youth support during his 2020 campaign.
The deal’s viability remains uncertain, with cross-border regulatory hurdles and ongoing U.S.-China tech rivalry shaping its trajectory. Investors and policymakers are closely monitoring developments, as TikTok’s fate could influence broader tech sector dynamics in Asia and beyond.
