Trump Says ‘Very Wealthy People’ Set to Buy TikTok
by Joe Gallop · channelnewsUS President Donald Trump says he’s secured a group of “very wealthy people” to buy TikTok’s US operations as pressure mounts over the app’s Chinese ownership.
In an interview aired on Fox News, Trump confirmed the potential buyers would be revealed in about two weeks, adding that the approval of China president Xi Jinping may still be required.
TikTok, owned by China-based ByteDance, has faced intense scrutiny from Washington over national security concerns. A US law passed in 2024 mandated ByteDance sell TikTok’s US business or face a nationwide ban.
That ban was set to take effect in January but has since been delayed three times by Trump, most recently on June 17, with a new deadline of September 17.
Earlier attempts to broker a sale to US-based investors stalled after China signalled it wouldn’t sign off, citing concerns over Trump’s tariffs.
Despite his earlier push to ban the app, Trump has shifted tone in recent months, crediting TikTok with helping him connect to younger voters during his 2024 campaign.
The deal’s financial terms remain unclear, but TikTok’s US operations have previously been valued between $30 billion (A$45 billion) to US$300 billion (A$450 billion). Rumoured buyers include former Activision Blizzard CEO Bobby Kotick and ex-Treasury Secretary Steve Mnuchin, among others.
While TikTok continues to operate in Australia, local tech analysts are watching closely. Any sale or disruption in the US, which is TikTok’s largest market, could impact how foreign-owned tech platforms are regulated here.