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PRESIDENT Donald Trump will sign an executive order to keep TikTok running in the United States for an additional 75 days.
The 11th hour move comes as TikTok faced an April 5 deadline to either sell the video-sharing app to a US company or face a nationwide ban.
The app briefly went offline for its 135 million users on January 19; however, Trump pushed the ban back to April 5, giving TikTok 75 days to find a non-Chinese buyer or else be outlawed due to national security concerns.
But as the April 5 deadline approached, Trump said on Friday he and his administration have been working “very hard on a deal to save TikTok,” saying his team 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 wrote in a 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 very important to our National Security!
“We do not want TikTok to ‘go dark.’ We look forward to working with TikTok and China to close the Deal. Thank you for your attention to this matter!”
ByteDance, TikTok’s owner, acknowledged the negotiations for the first time with a statement on Friday.
“An agreement has not been executed,” the Chinese company said.
“There are key matters to be resolved. Any agreement will be subject to approval under Chinese law.”
BIDDING WAR
Trump’s extension comes as Walmart is now actively considering joining a group of investors to buy TikTok, according to ABC News.
Walmart’s renewed interest in the Beijing-owned platform was reportedly sparked by the news of Amazon‘s bid to Vice President JD Vance and Secretary of Commerce Howard Lutnick.
The big box store was first interested in buying TikTok in 2020, ABC News reported.
Amazon’s offer came in the form of a letter addressed to Vance and Lutnick, according to The New York Times.
However, parties involved in the talks did not appear to be taking the e-commerce giant’s offer seriously, the outlet reported on Wednesday.
Just days ago, Trump said he wasn’t worried about finding a new owner for the app.
“We have a lot of potential buyers,” Trump told reporters onboard Air Force One on Sunday.
“There’s tremendous interest in TikTok.”
He added, “I’d like to see TikTok remain alive.”
Possible buyers of TikTok
Several huge companies and prominent business leaders have shown interest in buying TikTok to save it from being banned in the US.
Companies interested in TikTok include:
- Amazon
- Microsoft
- Walmart
- Oracle
- Rumble
Entrepreneurs:
- X owner Elon Musk
- Shark Tank investor “Mr. Wonderful” Kevin O’Leary
- Tech businessman Jesse Tinsley
- Los Angeles Dodgers owner Frank McCourt
- Former Activision Blizzard CEO Bobby Kotick
- OnlyFans founder Tim Stokely
Trump said officials in his administration are dealing with four different groups interested in purchasing TikTok.
The president tapped Vance and National Security Adviser Michael Waltz to find a new approved buyer.
Tesla owner Elon Musk, who purchased X, then Twitter, for $44 billion in 2022, Los Angeles Dodgers owner Frank McCourt, and Shark Tank’s Kevin O’Leary are also being considered as potential suitors for TikTok.
Also in the mix are computer software behemoths Microsoft and Oracle.
Meanwhile, popular YouTuber MrBeast, whose real name is Jimmy Donaldson, also proposed a potentially purchasing the app.
A startup company operated by Tim Stokely, the founder of the adult content site OnlyFans, also threw its hat in the mix last week.
Stokely teamed up with the cryptocurrency foundation Hbar to submit an offer to buy TikTok, according to Reuters.
“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” RJ Phillips, the co-founder of the startup Zoop, told the outlet.
Zoop, which was co-founded by Phillips and Stokely in 2022, allows users to buy, sell, trade, and barter for what the platform calls “Digital Celebrity Collectibles.”
The platform is a way for fans to connect with their favorite celebrities and join exclusive communities in the metaverse.
Business analysts estimate a TikTok sale could be worth as much as $50 billion, according to Reuters.
The platform is home to roughly 135 million monthly users in the United States.
