President Donald Trump announced that he is in negotiations with four potential buyers for TikTok’s U.S. operations, indicating that a deal for the popular social media app could be finalized “soon.” While speaking to reporters on Air Force One, Trump noted, “We’re dealing with four different groups, and a lot of people want it,” but refrained from naming the bidders or revealing his preference, stating that “all four are good.”
TikTok, owned by ByteDance Ltd., faces a deadline of April 5 to reach an agreement for its U.S. business or risk being banned in the country due to a bipartisan law enacted during the Biden administration. The U.S. is TikTok’s most significant market; ByteDance also runs a similar service called Douyin in China, with TikTok’s U.S. valuation estimated at up to $50 billion last year.
Last week, Trump expressed a willingness to extend the deadline if needed but believed a deal could be reached within the next month. He previously postponed an initial January 19 deadline, preventing a potential TikTok blackout, and has consistently shown interest in facilitating a sale. He has also suggested that the U.S. should receive a 50% stake in any deal.
ByteDance, based in Beijing, has not shown interest in selling its U.S. operations, though CEO Shou Chew met with Trump at Mar-a-Lago in December and attended the inauguration earlier this year. The company has been working to address national security concerns raised by U.S. lawmakers in order to continue its operations in the country. Despite the uncertainties surrounding its U.S. business, ByteDance is currently valued at over $400 billion by major investors like SoftBank Group Corp. The company is repurchasing employee shares at a $312 billion valuation, reflecting confidence in its growth strategy, which includes expanding its presence in e-commerce tied to its popular video platforms.
Any potential sale would also require approval from the Chinese government, which has so far been uncooperative. Reports have indicated that Beijing is considering a scenario involving Elon Musk acquiring the U.S. service, but there is a clear preference for TikTok to remain entirely under ByteDance’s ownership. Musk, who owns the X social network, has stated that he is not interested in such a deal.
