Former US President Donald Trump on Friday announced a 75-day extension for the sale of TikTok’s US operations, citing progress in ongoing negotiations but the need for further approvals.
“My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress. The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days,” Trump said in a post on his social media platform, Truth Social.
The Republican leader added that he hopes to continue working with TikTok and China to finalize the agreement. He emphasized his desire to avoid a shutdown of the app, stating, “We do not want TikTok to ‘go dark.’”
New Deadline Set for June 19
Under a national security law signed by President Joe Biden in April 2024, ByteDance—the Chinese parent company of TikTok—was originally required to complete a “qualified divestiture” by April 5.
With Trump’s latest announcement, the new deadline for a potential sale or divestment is now June 19. A ByteDance spokesperson confirmed to Reuters that discussions with US officials are ongoing, but a finalized agreement has not yet been executed.
Major Companies in the Race to Buy TikTok
Several major players are reportedly in discussions to acquire TikTok’s US business. According to Reuters, Amazon, led by Jeff Bezos, is exploring the possibility. Also in the race is a consortium headed by OnlyFans founder Tim Stokely.
In addition, private equity giant Blackstone and venture capital firm Andreessen Horowitz are said to be considering involvement. The latter may offer outside funding to support a bid led by Oracle, which aims to buy out TikTok’s Chinese investors.
Trump also commented on the broader economic context in his Truth Social post:
“We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs (Necessary for Fair and Balanced Trade between China and the U.S.A.!). This proves that tariffs are the most powerful economic tool and are very important to our national security!”