Trump Comments on Tiktok Deadline
President Donald Trump announced that Tiktok was scheduled to be banned in the United States on Saturday (April 5). He made comments aboard Air Force One on Sunday evening (March 30) about possibly extending the shutdown period. Trump stated: “There will be a deal with Tiktok,” and emphasized their intent to negotiate extensions, as reported by The Hill.
Interest in Tiktok Assets
Trump mentioned the “huge interest in Tiktok” and expressed his desire to see the platform continue its operations. The deadline for Tiktok’s parent company, Bytedance, to either exit the U.S. market or face an application was initially set for January 19, in line with a bill that became law last year.
Previously, Tiktok had briefly shut down access the day before the deadline, but it resumed operations after the incoming president granted a 75-day extension, pushing the deadline to April 5.
In recent months, several investors have formed consortiums to bid for Tiktok’s assets in the United States. Recently, Reuters reported that Blackstone, the investment management giant that acquired Hipgnosis Songs last year, is considering a small stake in one of these bids.
“There is a great interest in Tiktok … I would like to see Tiktok remain alive.”
President Donald Trump
Blackstone is exploring this opportunity with existing non-Chinese shareholders led by Sasquatch International Group and General Atlantic, as reported by Reuters. Their proposal suggests that Tiktok’s operations in the U.S. could become an independent company with Chinese shareholders owning less than 20% of the new entity as stipulated by the sale or bank law.
Other Potential Buyers
Another frontrunner is Oracle Corp., a Texas-based technology firm that has worked with Tiktok on Project Texas, aimed at safeguarding U.S. user data amid concerns about Bytedance sharing this information with the Beijing government.
Despite ongoing efforts, a bipartisan majority in Congress passed the sale or divestiture law last April, shortly after President Joe Biden signed it. According to a report by Politico last month, Oracle has been in discussions with senior White House officials, including Vice President JD Vance and National Security Adviser Mike Waltz, regarding a potential acquisition.
“We are trying to close this deal by early April,” Vance stated, adding, “I believe the outlines will be quite clear. The key is whether we can reach a comprehensive agreement that addresses our national security concerns while allowing Tiktok to operate as a separate American enterprise.”
Other suitors for Tiktok include The AI Whiz, which is reportedly proposing a new organization that merges with Tiktok’s U.S. operations and potentially allows for 50% state ownership after a public offering estimated at least $300 billion.
Additionally, there’s a group led by former Los Angeles Dodgers owner Frank McCourt, known as The Freedom Project, which has submitted a proposal, and a group headed by Employers.com founder Jesse Tinsley, supported by prominent YouTuber MrBeast, Roblox co-founder and CEO David Baszucki, and Anchoridge Digital co-founder and CEO Nathan McCullough.
Trump says a deal to save TikTok in the US will get done this week. Will Blackstone take a stake?
