Before a deadline on Saturday, President Donald Trump stated that an agreement would be reached with ByteDance, the Chinese parent company of TikTok, to sell the app that is used by 170 million Americans for short videos.
In January, Trump gave TikTok until April 5 to find a non-Chinese buyer or risk a U.S. ban on national security grounds, as a 2024 law would have gone into force that month.
“There are numerous potential clients,” Trump said late Sunday to reporters aboard Air Force One. “The Tiktok app is incredibly popular,” he said. “It is my hope that Tiktok survives.” TikTok refrained from commenting right away.
Based on two people familiar with the situation, private equity company Blackstone is considering making a tiny minority stake in TikTok’s U.S. operations, Reuters reported on Friday.
For a chance to bid for TikTok’s U.S. company, Blackstone is considering joining ByteDance’s current non-Chinese owners, which are led by Susquehanna International Group and General Atlantic, in providing more funding. The team has become the front-runners.
Washington claims that because ByteDance owns TikTok, the app is under Chinese control and that Beijing may use it to gather information about Americans and carry out influence campaigns against the US.
In the past, Trump has stated that if a deal over the social media app could not be struck, he would be prepared to extend the April deadline.
“Perhaps in order to get it done, I’ll offer them a small tariff decrease,” he said last week, acknowledging the role China will play in completing any deal, including approving it.
Vice President JD Vance has stated that he anticipates reaching a general agreement by April 5 that resolves the ownership of the social media site.
Since a 2024 law that was approved with resounding bipartisan support mandated that ByteDance divest TikTok by January 19, the future of the app that is used by over half of all Americans has been uncertain.
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