Trump Says Wealthy Investor Group Lined Up For TikTok US Sale: ‘I'll Need Probably China's Approval’

Chinese short-video app TikTok, which is facing a potential ban in the U.S., may receive a reprieve, with President Donald Trump implying that a suitor to acquire the U.S. arm of the company has been found.

Despite the news having negative implications for social media companies, Meta stock climbed 1.51% in the early premarket session on Monday. The gain could be traced back to the buoyant mood reflected by the firmer U.S. stock futures. 

In a passing reference when discussing the possibility of extending the “Liberation Day” tariffs beyond the July 9 deadline on Fox News, Trump said, “We have a buyer for TikTok by the way.”

“I think I'll need probably China's approval, and I think President Xi [Jinping] will probably do it.”

The president also stated in the interview that he would provide an update on it in two weeks. Without naming the company, he said the suitors are “wealthy people,” “a group of wealthy people.”

Earlier this month, Trump extended the deadline for the sale of a majority stake in ByteDance-owned TikTok’s U.S. assets to September 17. A deal that was in the works in Spring could not fructify after China declined to approve the offer following Trump’s sweeping “Liberation Day” tariff announcements.

A law enacted by the Joe Biden administration in 2024 mandated that ByteDance divest TikTok’s U.S. assets due to alleged security concerns.

With no deal being finalized, the incoming president extended the deadline after he assumed office.

Tech analyst and venture capitalist Gene Munster said in January that a potential TikTok ban by the original deadline could boost Meta’s revenue by over 5% by mid-2025. 

Larry Ellison's Oracle Corp. (ORCL), Liberty Project, founded by former Los Angeles Dodgers owner Frank McCourt, Tesla CEO Elon Musk, YouTuber Mr. Beast, AppLovin (APP) and Amazon (AMZN) were among those interested in lapping up TikTok.

Reports also said Zoop, a startup founded by OnlyFans founder Tim Stokley, along with cryptocurrency foundation Hbar, have teamed up to bid for TikTok.

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