Trump to Announce 'Wealthy' TikTok Buyer Group in Two Weeks

Newsweek

8 hours ago

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President Donald Trump announced on Sunday that his administration has identified buyers for TikTok and will reveal their identities within two weeks.
Newsweek reached out to the White House via email on Sunday for comment.
Why It Matters
This development represents the latest chapter in TikTok's prolonged regulatory saga, which has kept the popular video platform in limbo for months.
With over 170 million American users, TikTok's fate carries significant implications for social media consumption, digital commerce, and U.S.-China technology relations. Any successful sale must address national security concerns while preserving the app's functionality and massive user base.
The announcement follows Trump's third executive order extension of a congressional ban, demonstrating his administration's efforts on finding an alternative to shuttering the platform entirely. This approach marks a notable shift from his first presidential term, when he initially supported banning TikTok outright.
Trump: We have a buyer for TikTok, by the way.
Bartiromo:: Who's the buyer.
Trump: I'll tell you in about two weeks. pic.twitter.com/CvQqRA8Yj0 — Acyn (@Acyn) June 29, 2025
What To Know
Speaking to Maria Bartiromo on Fox News' Sunday Morning Futures, Trump described the prospective purchasers as "a group of very wealthy people" but declined to provide additional details about the potential deal.
The announcement came during a broader discussion about tariff policies, with Trump stating, "We have a buyer for TikTok by the way." He acknowledged that completing any sale would likely require approval from Chinese authorities, adding, "I think I'll need probably China approval, and I think President Xi [Jinping] will probably do it."
Congress passed legislation requiring TikTok's Chinese parent company, ByteDance, to sell its U.S. operations to a non-Chinese entity or face prohibition from American app stores. Former President Joe Biden signed the measure into law, and the Supreme Court has upheld its constitutionality. However, lawmakers remain concerned that ByteDance could use the platform to conduct surveillance on American users or manipulate content at the Chinese government's direction.
Since returning to office, Trump has issued three separate 90-day extensions to prevent the ban from taking effect. The most recent extension, signed just 10 days ago, marked his third use of executive authority to keep the app operational while negotiations continue. Trump has also directed the Department of Justice not to enforce the congressional mandate, effectively suspending the law's implementation.
ByteDance has mounted extensive legal challenges to the forced divestiture requirement, creating additional complications for any potential transaction. The company maintains it operates independently from Chinese government influence and has implemented safeguards to protect American user data.
Americans are also now more divided on how to handle the app than they were two years ago. A Pew Research Center survey released in March found that public support for a TikTok ban now stands at 34 percent among U.S. adults which is down from 50 percent in March 2023.
Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users' data security being at risk as a major factor in their decision, according to the report. The survey was conducted from February 24 to March 2. A total of 5,123 panelists responded out of 5,737 who were sampled, for a survey-level response rate of 89 percent.
A photo taken on April 10 shows the Chinese social networking service TikTok's logo on a smartphone screen and US' flag illustration on a laptop screen in Frankfurt am Main, western Germany.
A photo taken on April 10 shows the Chinese social networking service TikTok's logo on a smartphone screen and US' flag illustration on a laptop screen in Frankfurt am Main, western Germany.
KIRILL KUDRYAVTSEV/AFP via Getty Images
What People Are Saying
President Donald Trump's Truth Social post earlier this month: "I've just signed the executive order extending the deadline for the TikTok closing by 90 days (September 17, 2025). Thank you for your attention to this matter!
Representative Darin LaHood, an Illinois Republican who serves on the House Intelligence Committee and the Select Committee on China, told Politico earlier this month after the third extension: "The national security concerns and vulnerabilities are still there, and they have not gone away. I would argue they've almost become more enhanced in many ways."
In a statement posted to its website, TikTok said: "We are grateful for President Trump's leadership and support in ensuring that TikTok continues to be available for more than 170 million American users and 7.5 million U.S. businesses that rely on the platform as we continue to work with Vice President Vance's Office."
What Happens Next
Trump's two-week timeline places the potential buyer announcement in mid-July, though previous TikTok-related deadlines have frequently shifted.
The success of any proposed sale will depend on multiple factors, including regulatory approval from both American and Chinese authorities, the buyer's ability to address national security concerns, and ByteDance's willingness to complete the transaction.