Trump finds buyer for TikTok’s U.S. assets

U.S. President Donald Trump has announced that a buyer has finally been found for TikTok’s American operations.

According to Trump, the potential buyer is a “group of very wealthy individuals” ready to acquire the U.S. business of Chinese parent company ByteDance in order to prevent the app from being banned in the country.

As Forbes reminds, in 2024 the U.S. Congress passed legislation aimed at protecting Americans from apps potentially controlled by “foreign adversaries.” The law required ByteDance to sell TikTok’s U.S. segment to local investors to continue operating. The bill received bipartisan support and was signed by Joe Biden in April last year. ByteDance challenged the law in court, but the court upheld its legality.

Previously, TikTok had already been banned on federal government devices and official state-issued gadgets. Interestingly, during Trump’s first term, he pushed for a full ban on the app — but by 2024, his position had shifted. TikTok became a key platform for his campaign to engage younger voters. Despite the Supreme Court ruling in favor of the legislation, its enforcement has been delayed three times — most recently on June 17.

Trump did not disclose any details of the deal or the identity of the buyer. Experts estimate the potential sale price could range from $30 billion to $300 billion, depending on the deal structure and assets included. Previous reports have named Microsoft, Oracle, and investors such as former Los Angeles Dodgers owner Frank McCourt and ex-Activision Blizzard CEO Bobby Kotick as possible buyers. Former Treasury Secretary Steven Mnuchin also stated plans to form a consortium to acquire TikTok — though it remains unclear if this is the same initiative Trump referred to.