Trump says 'very wealthy' group ready to buy TikTok
What's the story
US President Donald Trump has revealed that he has found a buyer for TikTok, the popular video-sharing app facing shutdown in the country. In an interview with Fox News, Trump said the potential buyer is a group of "very wealthy people." He said more details would be shared in about two weeks. The sale of TikTok's US business would need approval from the Chinese government, but Trump is optimistic that President Xi Jinping "will probably do it."
Deadline extension
Trump delays enforcement of law requiring TikTok's sale
Earlier this month, Trump delayed for the third time the enforcement of a law requiring TikTok's sale. The new deadline gives parent company ByteDance until September 17 to finalize a deal. This comes after a previous attempt to sell TikTok to an American buyer fell through in April due to trade tensions between the US and China over Trump's tariffs.
Legislative action
Why does the law require TikTok's sale?
In April last year, the US Congress passed a law requiring TikTok's sale. Lawmakers were concerned that the app or its parent company could share US user data with the Chinese government, a claim that TikTok has denied. Despite these concerns, Trump has delayed enforcement of this law through executive actions, which have been criticized for overriding congressional lawmakers.
Legal challenges
TikTok's legal battle and Trump's changing stance
TikTok disputed the constitutionality of the law but lost its appeal to the US Supreme Court. Notably, Trump had criticized TikTok during his first term but later recognized its role in his 2024 election victory. He now supports its continued use in the US, a major shift from his earlier stance against the app.