"Elon Musk continues to be front and center as a potential bidder for TikTok which likely includes some tech partners/outside investors to get a deal done," Wedbush said in a research note on Wednesday.
"Musk would be hand picked by Beijing and his ironclad relationship with Trump would make this a very logical choice in our view," the note added.
Nat Schindler, an analyst at Scotiabank, also noted that Musk's acquisition of Twitter has demonstrated his interest in global social media platforms. However, he also sees some potential obstacles for the tech tycoon.