President Donald Trump has expressed openness to the possibility of billionaire entrepreneur Elon Musk or Oracle Corporation Chairman Larry Ellison acquiring the social media platform TikTok as part of a joint venture with the US government. Speaking alongside Ellison at the White House on Tuesday, Trump revealed his vision for a potential deal that could benefit both private investors and the United States.
“I have the right to make a deal,” Trump stated. “So what I’m thinking about saying to somebody is buy it and give half to the United States of America, half, and we’ll give you the permit, and they’ll have a great partner.”
This statement comes amidst ongoing tensions over TikTok’s ownership and data privacy concerns, with ByteDance Ltd., the Chinese parent company of TikTok, resisting calls to sell the platform. Trump has signed an executive order extending the deadline for a sale by 75 days, though questions remain about whether he has the authority to enforce such an extension.
TikTok’s uncertain future
TikTok temporarily went offline over the weekend, reigniting debates over its future in the United States. Trump’s executive order, signed on January 20, aims to pressure ByteDance into selling the platform to an American entity. While ByteDance has thus far refused to comply, the recent Supreme Court ruling and TikTok’s brief shutdown may push the company to reconsider its position.
Trump highlighted the stakes involved, describing TikTok as “an asset that has no value or has a trillion-dollar value,” depending on whether or not the US government grants the necessary permits. This uncertainty has not deterred potential buyers, with several high-profile bidders stepping forward.
Potential buyers line up
One notable group of American investors, led by tech entrepreneur Jesse Tinsley and featuring internet sensation MrBeast, announced their bid for TikTok on Tuesday. Billionaire Frank McCourt, the former owner of the Los Angeles Dodgers, and “Shark Tank” investor Kevin O’Leary have also entered the fray.
O’Leary has reportedly met with Trump at Mar-a-Lago to discuss his bid, while McCourt has expressed willingness to purchase TikTok even without access to its coveted content algorithm. ByteDance, backed by the Chinese government, has declared that the algorithm is not for sale, further complicating negotiations.
Other companies, including Amazon.com Inc. and Oracle, have also been floated as potential suitors. Oracle’s existing business relationship with TikTok places it in a favourable position, with the company recently aiding in the restoration of TikTok’s app during its 14-hour US shutdown. This move was made with Trump’s assurances that no fines would be enforced against Oracle for its involvement.
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Ellison’s white house visit
Larry Ellison’s visit to the White House on Tuesday wasn’t solely about TikTok. He was there to announce a new joint artificial intelligence venture involving Oracle, SoftBank Group Corp., and OpenAI LLC. However, his proximity to Trump during this critical moment for TikTok has fuelled speculation about Oracle’s potential role in the app’s future.
Trump’s warm spot for TikTok
During his remarks, Trump hinted at a personal connection to TikTok, suggesting he might download the app himself. “I think I might put it there. I think I’ll get it right now,” he mused. He even credited TikTok for his success with younger voters, saying, “By the way, again we won the young vote. I think I won it through TikTok, so I have a warm spot in my heart for TikTok.”
What’s next for TikTok?
As the clock ticks on the extended deadline, TikTok’s future in the United States remains uncertain. The prospect of a sale or joint venture involving prominent figures like Musk, Ellison, or other high-profile investors continues to dominate headlines. Meanwhile, ByteDance faces increasing pressure to make concessions as the platform’s fate hangs in the balance.
With Trump’s administration actively seeking a deal that aligns with US interests, the coming weeks will be critical in determining whether TikTok remains a contentious topic or becomes part of a new joint venture that satisfies all parties involved.
