U.S. President Donald Trump has announced that a group of “very wealthy people” is prepared to purchase TikTok as a way to prevent a nationwide ban of the popular social media app. In a recent television interview, Trump revealed that he expects to name these potential buyers within two weeks, though he acknowledged that any transaction will likely require approval from the Chinese government.
The announcement comes as pressure mounts on TikTok’s parent company, ByteDance, to divest from its U.S. operations following the passage of a 2024 law designed to curb the influence of foreign-controlled apps in the American digital landscape. The law, known as the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), mandates that app store operators and internet service providers cease supporting TikTok unless ByteDance relinquishes control.
Trump has already postponed enforcement of the law three times, with the latest extension pushing the deadline to September 17. He had previously credited the app with helping him connect with younger voters during his campaign and has expressed a preference for keeping TikTok operational under new ownership.
While Trump’s comments suggest optimism about a future deal, significant obstacles remain. ByteDance has yet to confirm a willingness to sell, and any transaction involving TikTok would need to satisfy both U.S. national security requirements and Chinese regulatory scrutiny. The Chinese government has previously shown reluctance to approve technology transfers involving companies like ByteDance, especially when they involve sensitive data or proprietary algorithms.
A previous deal that would have allowed ByteDance to retain a minority stake in a spun-off U.S. entity reportedly collapsed earlier this year, coinciding with the reintroduction of Trump’s tariffs on Chinese goods. Despite these setbacks, interest in acquiring TikTok remains high. Companies such as AppLovin, Perplexity AI, and Oracle, whose founder Larry Ellison is a known Trump ally, have all expressed varying degrees of interest.
Trump has floated unconventional ideas for resolving the TikTok dispute, including a proposal for American investors to purchase the app and then sell a 50% stake to the U.S. government as part of a joint venture. However, legal experts warn that any proposed solution could face court challenges, especially if it fails to fully comply with PAFACA or raises concerns over constitutional rights and due process.
