Trump is searching for potential TikTok buyers — who are the likely contenders?
After stepping in to restore TikTok in the U.S. and delaying a law that would effectively ban the app, Trump is looking for avenues to keep the popular platform afloat.
President Donald Trump wants a U.S. investor to take a major stake in ByteDance's TikTok. Several parties are in contention even as potential buyers face a litany of legal hurdles and barriers.
After stepping in to restore TikTok in the U.S. and delaying a law that would effectively ban the app, Trump is looking for avenues to keep the popular platform afloat.
He has put forward a proposal for an American stakeholder to buy the company and then sell a 50% stake to the U.S. government, which will jointly run the app along with the private party.
Trump has already flagged several major investors within his inner circle as acceptable buyers, one of which is Tesla and SpaceX owner Elon Musk.
The world's richest person is leading Trump's new Department of Government Efficiency, has close business ties to China and has voiced opposition to the TikTok ban.
Bloomberg reported earlier this month that the Chinese government was considering a plan to have Musk acquire TikTok's U.S. operations, citing anonymous sources. That followed a report from the Wall Street Journal, which claimed TikTok's CEO had been soliciting advice from Musk ahead of Trump's inauguration.