Trump Signals Support for TikTok Buyout by 'Group of Wealthy People'
President Trump stated yesterday that he has a group of very wealthy individuals looking to purchase TikTok's operations in the U.S., claiming they are \"very close to doing something.\" This comes as a continuation of the President's efforts to scuttle the app's operations in the U.S., claiming that it poses a national security risk. The Trump administration had initially given ByteDance, TikTok's parent company, until September 20th to sell its U.S. business or face being banned. It is unclear whether the President's latest statements will moot that deadline.
Potential Buyers Uncertain
The identity of these wealthy individuals remains unknown, and it is unclear whether Trump's statements will facilitate a bidding war or will simply be dismissed as bluster. Microsoft had been considered one of the frontrunners to purchase the app, however, interactions between the President and Microsoft CEO Satya Nadella at the White House this past Friday have been characterized as \"unproductive.\" Oracle is reportedly also involved in ongoing negotiations.
Analysis
The Trump administration's stance against TikTok has widely been regarded as a thinly-veiled attempt to punish China, and these latest developments continue that trend. It is unclear whether this group of wealthy individuals exists, and if so, whether they have the resources and the requisite interest in running a highly contentious social media platform. One thing is clear though: the saga of TikTok in the U.S. is far from over.
