Donald Trump announced that a deal would be reached with ByteDance – the Chinese parent company for TikTok – before the deadline on Saturday. Over 170 million Americans use the app.
In January, Trump gave TikTok until April 5th to find a buyer who was not Chinese or else face a U.S. ban on national security grounds.
Trump told reporters on Sunday evening, “We are currently in talks with several buyers.” Trump added that TikTok had become a “hot issue” and that it was very important for him to continue the service.
TikTok has not yet commented.
Two people familiar with the situation say that Blackstone, an American private firm, is considering a small investment in TikTok’s U.S. operations on Friday.
Blackstone may join other non-Chinese ByteDance Investors, such as General Atlantic and Susquehanna, to provide new capital to bid for TikTok’s U.S. Business. The group leading the race is
Washington claims that TikTok is a Chinese government app and belongs to ByteDance. Beijing may use the app to gather data about Americans or to influence the United States.
Trump had previously stated that he would be willing to extend the April deadline if a deal over the social media application could not come about.
Last week, he acknowledged that China would play a crucial role in any successful agreement and approved it. “Maybe I’ll offer them a small reduction in tariffs to make it happen.”
JD Vance said the terms of a general agreement to settle ownership of social media platforms should be finalized before April 5,
Since January 19, 2024, the future of TikTok has been in doubt. During that year, both sides passed a law requiring ByteDance to divest the app.
The White House is a bank of investment in these negotiations that are closely watched. This role has never been played before.