President Trump Considers Oracle or Elon Musk for TikTok Acquisition
As part of a potential joint venture with the US government, President Donald Trump has indicated his willingness to consider a purchase of TikTok, the social video application, by billionaire supporters Elon Musk or Oracle Corp. Chairman Larry Ellison.
Trump expressed his authority over the transaction during an event alongside Ellison at the White House. He proposed a 50-50 joint ownership structure, with the potential buyer receiving a permit from the US government to operate the app.
Despite TikTok's temporary suspension over the weekend, Trump extended the deadline for a sale by 75 days through an executive order on his first day in office. While the extent of Trump's authority to do so remains unclear, ByteDance Ltd., TikTok's parent company, has publicly resisted a sale. However, potential buyers remain optimistic that the Supreme Court's recent ruling and the brief TikTok shutdown may prompt a reconsideration.
A group of American investors led by tech entrepreneur Jesse Tinsley, including the renowned content creator MrBeast, have announced a bid for TikTok. Additionally, billionaire Frank McCourt and "Shark Tank" investor Kevin O'Leary have made a formal offer. Amazon.com Inc. and Oracle, who have existing business relationships with TikTok, have also been mentioned as possible suitors.
Oracle's notable efforts to restore TikTok's app after a US shutdown may enhance its position in the acquisition process. Ellison's presence at the White House on Tuesday suggests Oracle's continued interest in the venture.
Trump's suggestion of downloading TikTok and his expressed fondness for the app based on its perceived impact on his youth vote further underscore the president's interest in the platform's future.