TikTok has been granted a second 75-day extension by US President Donald Trump to comply with a law that requires the extremely popular video app to sell its US operations or face a ban in the country.
Trump wrote on Truth Social, “We do not want TikTok to ‘go dark’.” “We look forward to completing the Deal with TikTok and China,” At the moment, ByteDance, a Chinese company, owns the platform. After Trump took office in January, he received his first extension, which was set to expire on Saturday.
A law passed by Congress requires the social media platform, which claims to have more than 170 million US users, to close in the US unless a buyer is found. ByteDance said in a statement on Friday that it had talked to the Trump administration, but “an agreement has not been executed.” “There are key matters to be resolved. Under Chinese law, any agreement must be approved, according to a spokesperson. The administration of former US President Joe Biden had argued that China could use TikTok to spy and manipulate politics. ByteDance was given six months to sell its controlling stake in TikTok or risk having the app blocked in the US by a bipartisan law that Congress passed last year. Freedom of speech has been cited as a reason why the platform should remain open by those opposed to a ban.
The Trump administration is trying to negotiate a deal to bring the social media platform under American ownership and keep the popular app running in the United States.
This new extension comes at the same time. On Friday, Trump wrote on his Truth Social platform, “The Deal requires more work to ensure that all necessary approvals are signed.” As the ban deadline approaches, who might purchase TikTok? Amazon joins the auction.
A TikTok deal was reportedly nearly finalised on Wednesday, but fell apart after Trump on the same day announced sweeping global tariffs, including on China.
The plan, according to an unnamed source, was for Trump to sign an order that would start a 120-day period for closing the deal. This would give people time to finish paperwork and get financing, the source said. ByteDance, new investors, the US government, and existing investors all supported the agreement, but China pulled out after Trump imposed global import taxes, according to CBS. “opposed practices that violate the basic principles of the market economy,” the Chinese embassy in Washington, D.C., stated in a statement.
Check out: Are young Americans able to live without TikTok? China has retaliated by imposing 34% counter tariffs on US-imported goods in response to the 54% aggregate tariff. Reports suggest several potential buyers for TikTok have cropped up in recent days.
Amazon has put in a last-minute offer to the White House to acquire the platform, according to the BBC’s US partner CBS, though the firm has declined comment.
Several other potential buyers include billionaire Frank McCourt, together with Canadian businessman Kevin O’Leary. Reddit co-founder Alexis Ohanian has stated that he will support Mr. McCourt’s candidacy. Additionally, search engine Perplexity AI, private equity giant Blackstone, venture capital firm Andreessen Horowitz, and computing powerhouse Microsoft are said to be in the running for a stake.
Trump has said his administration was in touch with four separate groups interested in a potential TikTok deal, though he has not named them.
JD Vance, vice president, is leading the administration’s search for a buyer. Additionally, the president has suggested that the United States could offer a deal in which China agrees to approve a TikTok sale in exchange for exemption from US import tariffs.
Trump wrote on Truth Social, “We hope to continue working in good faith with China, who I understand are not very happy about our reciprocal tariffs.” “The most powerful economic tool, and every important to our national security,” he added, referring to the trade levies.
