Quick overview
- President Trump announced he has found a buyer for TikTok’s US operations but did not disclose the identity of the buyer.
- The completion of the sale is contingent on an agreement between the US and Chinese governments, particularly with President Xi Jinping.
- ByteDance and the Chinese government have historically opposed the sale, complicating negotiations.
- Despite previous failed attempts to sell TikTok, this claim raises hopes for the app’s future in the US amid ongoing tech tensions.
President Donald Trump claimed to have found a buyer for the US operations of ByteDance’s TikTok social media app, but he did not reveal the successful bidder. In a pre-recorded interview for Fox News’ Sunday Morning Futures with Maria Bartiromo, Trump added that the completion of a sale would depend on an agreement between Beijing and President Xi Jinping.
ByteDance and the Chinese government have long opposed such an agreement. Also, we have a buyer for TikTok. The US president stated, “I believe President Xi will likely grant me the approval I need from China.” It’s a group of wealthy individuals.”
US and Chinese officials confirmed at the end of last week that they had reached an agreement on a framework for trade, ending trade tensions after discussions in London earlier in June. , ByteDance’s US future has been in jeopardy for years, beginning with pressure from the first Trump administration to sell the asset to an American company.
This latest claim reignites hopes for TikTok’s long-term future in the U.S despite previous attempts to broker a sale that fell apart, including one in April reportedly due to China’s withdrawal after Trump’s tariff announcements.
The platform, which boasts over 170 million active American users, has been a significant point of contention in US-China tech relations, but Trump has also acknowledged its value, particularly in his 2024 election campaign strategy
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.
