TikTok to Launch New Version of U.S. App Amid Looming Sale
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U.S. President Donald Trump has extended the deadline for TikTok's ban or sale in the U.S. for the third time in order to find suitable 'non-Chinese' buyers for its U.S. operations. Last week, Trump noted that he has found a group of very wealthy buyers for the app, but that China's approval would be required for the potential sale. He is expected to start talks with China on Monday or Tuesday and is confident that Beijing will approve the sale.
TikTok Aims to Stay in the U.S. Market
TikTok boasts approximately 170 million American users and seeks to continue operations in the lucrative U.S. market through these strategic negotiations. According to available information, TikTok plans to launch the new app on U.S. app stores on September 5. Users will eventually need to download the new app to continue using the service. However, the existing app will also remain functional until March 2026, subject to the completion of a sale.
An earlier deal for the sale of TikTok's U.S. operations to American buyers was in progress but was set aside following the imposition of stringent reciprocal U.S. tariffs on China. TikTok's problem came into focus last year after former President Joe Biden signed the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), which requires TikTok to sell its U.S. operations to non-Chinese owners.
The White House is concerned about the potential leakage of Americans' private data to Chinese officials through the app. However, TikTok and ByteDance have repeatedly denied any such wrongdoing. Currently, TikTok continues to operate in the U.S. under its original version but faces intense scrutiny and must find a resolution quickly to avoid a nationwide ban.
We used the TipRanks Stock Comparison Tool for Top Social Media Stocks to determine which stocks are currently favored by analysts. Investors can choose to invest in any of these stocks after thorough research.
Currently, Pinterest (PINS) and Meta Platforms (META) have earned Wall Street's Strong Buy consensus rating, with PINS stock reflecting a higher upside potential in the next 12 months.
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