On Monday, former President Donald Trump indicated via Truth Social that an agreement regarding TikTok is imminent.
“The significant Trade Meeting between the United States and China in Europe has proceeded very successfully and is nearing conclusion,” Trump stated. “An agreement has also been reached concerning a particular company that many young Americans are eager to support. They will be very pleased! I plan to speak with President Xi on Friday. Our relationship remains very strong!!! President DJT.”
Last year, Congress enacted legislation mandating that TikTok separate from its parent company, Beijing-based ByteDance, or face a potential permanent ban in the United States. Following multiple extensions, the deadline for compliance is set for Wednesday. Shortly after Trump’s announcement, Treasury Secretary Scott Bessent announced that the U.S. and China have agreed upon a “framework” for ByteDance to divest TikTok to a U.S. purchaser.
According to The New York Times, President Trump and Chinese President Xi Jinping are expected to hold discussions on Friday to finalize the deal.
“We focused extensively on ensuring that TikTok’s divestment is fair to China while fully addressing U.S. national security concerns, and that is the agreement we have reached,” Bessent stated from Madrid.
Regarding the potential buyer of TikTok, the identity remains uncertain, as reported by CNBC. Several entities are considered potential candidates:
– Oracle, which has served as TikTok’s U.S. cloud provider since 2022, is believed to be a leading contender.
– “The People’s Bid,” a coalition including Kevin O’Leary, billionaire Frank McCourt, and Reddit co-founder Alexis Ohanian, has submitted a proposal.
– AI startup Perplexity has proposed merging its operations with TikTok’s U.S. division for over $50 billion.
– Additionally, Amazon and Applovin have submitted separate bids.
Bessent emphasized, “We will not discuss the commercial details of the deal publicly. It remains between two private parties, but the terms have been agreed upon.”
