TikTok Sale Update: Oracle, Musk, and Potential Buyers Emerge
Potential US Government Involvement
President Donald Trump expressed willingness to consider proposals from Elon Musk or Larry Ellison, Chairman of Oracle Corp., to purchase TikTok in partnership with the US government. This joint venture would grant the government a 50% ownership stake in the social video app.
Extended Sale Deadline
Trump signed an executive order extending the sale deadline by 75 days, despite potential legal challenges to his authority. ByteDance Ltd., TikTok's parent company, has publicly resisted selling the app.
Chinese Government's Stance
China's Foreign Ministry has not provided an official response to the proposed US government ownership. However, it emphasized that companies should make decisions based on their own operations and acquisitions.
Potential Bidders
* American Investor Group: Led by Jesse Tinsley and featuring MrBeast, the group announced a bid.
* Frank McCourt: Former owner of the Los Angeles Dodgers, McCourt expressed interest in acquiring TikTok without its content algorithm.
* Kevin O'Leary: Shark Tank investor and TikTok's former suitor, O'Leary's bid of $20 billion includes assurances of removing the algorithm to address spyware concerns.
* Amazon.com Inc. and Oracle: Existing TikTok partners, these companies have been mentioned as potential suitors. Oracle's recent effort to restore TikTok's app could indicate their interest.
Trump's Endorsement
Trump praised TikTok's potential value and suggested that a sale to a US buyer would necessitate government approval. He even hinted at downloading the app on his phone.
Next Steps
As negotiations continue, potential bidders will have 90 days to finalize deals. The outcome of this sale will significantly impact TikTok's future and the ongoing tensions between the US and China.