U.S. President Donald Trump claims he has secured a buyer for TikTok, but the deal remains incomplete as Chinese authorities hold the final say.
During a Fox News interview on Sunday, Trump announced, “We have a buyer for TikTok, by the way. I think I’ll need probably China’s approval. I think President Xi will probably do it.”
He didn’t give names but insisted the potential buyers are “very wealthy people,” and that their identities will be made public “in about two weeks.”
Trump’s statement comes months after he extended the deadline, again, for TikTok’s Chinese parent company, ByteDance, to sell off the app’s U.S. operations.
Despite a law signed in 2024 mandating either a sale or a nationwide ban by January 19, 2025, Trump has now postponed enforcement three times, with the latest deadline set for September 17.
This isn’t the first time a deal has come close. A proposal earlier this year would’ve transferred control of TikTok’s U.S. branch to a new American entity with majority U.S. ownership. But the plan derailed after Beijing objected, reportedly in retaliation for Trump’s aggressive trade measures, including a 34% tariff on Chinese imports.
In the same interview, Trump hinted at possible structures for the new deal, including a joint venture model where American stakeholders would hold a 50% stake. He has previously suggested Oracle’s Larry Ellison or Tesla’s Elon Musk could be involved, although Musk appears to be off the table for now.
Still, even with financial backing, there are political limitations. Under Chinese law, TikTok’s recommendation algorithm is classified as a restricted export. Any attempt to sell it abroad would need clearance from the Chinese government, a step that stalled the last deal.
Trump, however, remains confident. “I think President Xi will probably do it,” he said, leaving the impression that personal diplomacy might yet move things forward.
The stakes are high. TikTok has become deeply embedded in the U.S. digital economy. It counts over 170 million American users and serves around 7.5 million small businesses. Ironically, Trump himself benefited from the platform’s youth appeal during the 2024 election campaign and now seems reluctant to see it disappear.
But until a formal agreement is inked, and Beijing signs off, everything stays speculative with time ticking towards September, and all eyes now turn to China’s response.
