Trump Announces TikTok Sale: Wealthy Buyers Await Chinese Approval
President Donald Trump announced that a group of wealthy buyers is prepared to acquire TikTok. The deal requires China's approval, which Trump predicts will be granted by President Xi Jinping. This follows extended U.S. deadlines for ByteDance to sell TikTok's U.S. assets or cease operations.
In a recent interview, U.S. President Donald Trump disclosed that a group of affluent investors is set to purchase the TikTok short-video app, with identities to be revealed soon. The transaction hinges on approval from China, a step Trump believes Chinese President Xi Jinping will likely endorse.
Trump extended the deadline for ByteDance, the China-based parent company of TikTok, to divest its U.S. assets by September 17. The extension comes amidst a law mandating the sale or shutdown without significant progress. An initial spin-off deal was stalled due to China's resistance following U.S. tariffs.
Expressing optimism, Trump asserted, "We have a buyer for TikTok," while acknowledging the need for Chinese consent. The situation develops under the backdrop of a 2024 law demanding TikTok's U.S. operations cease without a successful divestiture by January 19.
(With inputs from agencies.)
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