Trump Says “Very Rich Folks” Are Able to Purchase TikTok

Simply weeks after extending the deadline for its sale for a 3rd time, President Donald Trump introduced Sunday that he has discovered a purchaser for TikTok’s U.S. operations.

The favored social media app has been underneath intense strain resulting from a regulation handed in 2024 that requires its Chinese language dad or mum firm, ByteDance, to promote the platform or face a nationwide ban. The laws stems from bipartisan concern in Washington that the Chinese language authorities might entry the info of American customers or use the app to affect public opinion.

“Now we have a purchaser for TikTok,” Trump advised Fox Information host Maria Bartiromo on her “Sunday Morning Futures” program. He instructed that the deal would nonetheless require approval from Beijing. “I’ll want in all probability China approval and I believe President Xi will in all probability do it.”

When pressed for extra particulars, Trump remained imprecise. He added that, “It’s a gaggle of very rich individuals,” and mentioned he would reveal their names in “on about two weeks.” He didn’t present any further data.

.@POTUS: “Now we have a purchaser for TikTok… I’ll want in all probability China approval and I believe President Xi will in all probability do it… It’s a gaggle of very rich individuals.” pic.twitter.com/N8tWYfKjYg

— Speedy Response 47 (@RapidResponse47) June 29, 2025

This announcement comes after a interval of intense negotiation and political maneuvering. The divest-or-ban regulation, handed by Congress in 2024, gave ByteDance a 270 day window to promote TikTok. That deadline was prolonged for a 3rd time in mid June, pushing the brand new date to September 17 and permitting the app’s 170 million American customers to proceed accessing the platform for now.

In keeping with a number of stories, a deal was almost reached in early April. That settlement would have separated TikTok’s U.S. operations from ByteDance, with a gaggle of American buyers led by the tech firm Oracle and together with asset supervisor Blackstone and entrepreneur Michael Dell taking a majority stake. Nonetheless, the transaction reportedly stalled after Trump introduced a brand new wave of steep commerce tariffs, significantly focusing on China.

Extra lately, after the 2 nations agreed on a “common framework” to normalize commerce relations in early June, Beijing has appeared extra prepared to approve sure exports. This might clear a path for the delicate algorithms and expertise that underpin TikTok to be included in a sale.

Regardless of the geopolitical turmoil, TikTok’s recognition in the US stays immense. The social community boasts 170 million customers, together with 7.5 million enterprise accounts starting from massive firms to small and medium sized enterprises. In keeping with the specialist web site Appfigures, TikTok is presently the second most downloaded app in the US on Android telephones, simply behind ChatGPT.

What occurs subsequent—particularly whether or not Trump’s thriller purchaser is actual or viable—stays unclear. However with the September deadline approaching, the political and financial stakes surrounding TikTok’s destiny are rising.