Key Points
- President Trump says he has a group of “very wealthy people” ready to buy TikTok.
- He plans to announce the names of the potential buyers in about two weeks. Trump believes Chinese President Xi Jinping will approve the sale.
- The current deadline for TikTok’s Chinese owner to sell the company is September 17.
- The president has made it clear he prefers to see the app sold to a U.S. company rather than being shut down.
President Donald Trump says he has a group of “very wealthy people” ready to buy TikTok, and he plans to reveal their identities in about two weeks. In an interview on Fox News on Sunday, Trump also said he believes Chinese President Xi Jinping would likely approve the deal.
The popular video app has been in limbo in the U.S. ever since a 2024 law was passed that would ban the platform unless its Chinese owner, ByteDance, sells it. The law was created due to concerns that the Chinese government could use the app to access American user data and manipulate what people see.
Trump has repeatedly delayed the ban, recently pushing the deadline for sale back to September 17. It was the third time he had extended the deadline since taking office in January. Trump has repeatedly stated that he doesn’t want to see TikTok shut down but rather have it under new American ownership. He has even credited the app with helping him win support from young voters.
While several potential buyers have expressed interest, including some with close ties to Trump, it’s not clear if ByteDance is even willing to sell. Any deal would almost certainly require approval from the Chinese government. A previous deal was reportedly close to happening in April but was derailed by Trump’s announcement of new tariffs on China.
Trump has also previously suggested a plan where American investors would buy the company and then sell a 50% stake to the U.S. government, creating a joint venture.
