President Donald Trump has revealed that a group of wealthy individuals is preparing to acquire TikTok, with an announcement expected within the next two weeks. However, the deal remains subject to approval by the platform’s Chinese owners, adding another layer of complexity to an already drawn-out saga.
In an interview aired June 29 on Sunday Morning Futures with Maria Bartiromo, Trump stated, “We have a buyer for TikTok, by the way. I think I’ll need probably China’s approval, and I think the presidency will probably do it.” He did not disclose the identities of the potential buyers, only describing them as “a group of very wealthy people.”
The development follows Trump’s decision to sign a 90-day extension delaying the enforcement of a previously passed sell-or-ban law targeting TikTok. The legislation, approved by Congress and signed into law by former President Joe Biden, mandates that TikTok be sold to a non-Chinese entity or face a ban in the United States. Lawmakers have cited national security concerns, alleging that TikTok could be used to gather data on American users on behalf of the Chinese government.
This latest postponement marks the third time Trump has intervened via executive order to prevent the ban from taking effect. Though the U.S. Supreme Court has upheld the law’s constitutionality, Trump—since his return to office—has instructed the Department of Justice not to enforce it, effectively keeping the app accessible to American users.
As the 90-day clock ticks down once again, TikTok’s fate hinges on the success of the proposed sale and the cooperation of its parent company in China. If approved, the transaction could resolve longstanding concerns in Washington, but until then, uncertainty continues to surround the platform’s future in the U.S. market.
