Trump: TikTok Sale Will Be Hammered Out Before Deadline
President Donald Trump says TikTok will have a new owner by the end of the week.
The social media platform’s China-based owner ByteDance has until April 5 to find a buyer for TikTok, and Trump said Sunday (March 30) that a deal will be reached before then.
“We have a lot of potential buyers,” said the president, whose comments aboard Air Force One were reported by Reuters.
“There’s tremendous interest in Tiktok,” said Trump, adding, “I’d like to see Tiktok remain alive.”
Questions about TikTok’s future stem from a 2024 law that required ByteDance to find a new owner or see the popular platform banned in the U.S. Lawmakers have argued that the company’s ties to China made it a national security threat.
Initially, ByteDance had until Jan. 19 to find a new buyer. When that date came and went with no deal, Trump extended the deadline to the end of this week, and has indicated he could grant a further extension.
According to Reuters, Trump said last week that China will play a part in working out a deal, such as giving its approval, and said that “maybe I’ll give them a little reduction in tariffs or something to get it done.”
Among the possible bidders is a consortium of investors led by Susquehanna International Group and General Atlantic that have emerged as frontrunners, per an earlier Reuters report. That same report said private equity firm Blackstone is considering making a small minority investment in TikTok’s U.S. business.
Among the other potential bidders for TikTok is artificial intelligence (AI) search engine company Perplexity, which recently made its case for why it should become the site’s new owner, after weeks of reports that the firm was interested in merging with TikTok.
“Perplexity is singularly positioned to rebuild the TikTok algorithm without creating a monopoly, combining world-class technical capabilities with Little Tech independence,” the company wrote on its blog.
PYMNTS has written extensively on the importance TikTok plays in the social media space, with the platform’s creators, advisers and sellers influencing both culture and commerce.
Research by PYMNTS Intelligence shows the reach of that influence: 79% of millennials and Gen Z consumers turn to social media for financial advice, while Gen Z shoppers are 117% more likely to buy from influencers.
“When you rarely leave the house, whoever’s showing up on your phone will have a lot of sway,” PYMNTS wrote earlier this year. “TikTok isn’t just a platform for showcasing boxed-in dance moves — it’s an economic force within the hermitage.”
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