TikTok is currently on its third ban extension. The app was supposed to be banned earlier this year if it did not sell itself to a US company. However, after becoming US President for the second time, Trump basically gave the company a reprieve by extending the ban. Now, speaking to Fox News, Trump claims he has a group of “very wealthy” people who are ready to buy TikTok.
Trump has people to buy TikTok
During an interview on Fox News’ “Sunday Morning Futures with Maria Bartiromo”, Trump says he has a group of very wealthy people who are willing to buy TikTok, and that he will reveal their identities in the next couple of weeks.
Ever since the idea of a US company buying TikTok has been floated, many names have attached themselves as potential bidders. We’re talking about social media influencers like MrBeast, who is reportedly raising funds with a group of investors. Then we have people like Reddit’s co-founder. Even Elon Musk’s name was thrown in, although the Tesla CEO has denied his interest in acquiring the company.
However, most reports have agreed that Oracle’s Larry Ellison is the most likely candidate out of all of them. TikTok already uses Oracle’s servers, so the company acquiring a stake in TikTok makes sense.
China stands in the way
As you might have surmised by now, there’s no shortage of people with a lot of money that are willing to buy TikTok. However, the main hurdle is China. China is extremely wary of selling or exporting its tech to foreign nations and entities. This is why companies like Google and Microsoft have struggled to maintain a foothold in the country.
In fact, the Chinese government has deemed certain pieces of technology as “core” technologies. This further restricts the export or sale to foreign countries and companies. TikTok’s algorithm is classified as being “core.” This is why China has resisted the sale of TikTok at every turn.
Trump admits as much. However, he stated he believes China will give the green light for this deal. “We have a buyer for TikTok, by the way. I think I’ll probably need China’s approval. I think President Xi will probably do it.”
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