Trump Announces ‘Very Wealthy’ Group Poised To Acquire TikTok In The US.
US President Donald Trump revealed on Sunday, 29 June 2025, that a group of “very wealthy people” has emerged as potential buyers for TikTok, the popular video-sharing app facing a potential ban in the United States due to its Chinese ownership. Speaking on Fox News’ *Sunday Morning Futures with Maria Bartiromo*, Trump indicated that the identities of the buyers would be disclosed in “about two weeks,” while expressing confidence that Chinese President Xi Jinping would likely approve the deal.
The announcement marks the latest development in the ongoing saga surrounding TikTok, which is owned by China-based ByteDance. A 2024 US law mandated that ByteDance divest TikTok’s US operations by 19 January 2025 or face a nationwide ban over national security concerns, particularly fears that American user data could be accessed by the Chinese government. Trump, who has extended the deadline three times—most recently to 17 September 2025—has credited the platform’s 170 million US users with boosting his support among young voters in the 2024 election.
“We have a buyer for TikTok, by the way,” Trump told host Maria Bartiromo, declining to name the group but describing them as “very wealthy people.” He acknowledged that the deal would likely require China’s approval, stating, “I think President Xi will probably do it.” The president’s optimism follows a turbulent period for TikTok, which briefly went offline for some US users on 19 January before Trump’s intervention restored access.
Speculation about potential buyers has swirled for months, with names like YouTube star Mr Beast, US search engine startup Perplexity AI, and *Shark Tank* investor Kevin O’Leary mentioned as possible contenders. Earlier reports also suggested that former Treasury Secretary Steven Mnuchin and Oracle, a key cloud provider for TikTok, could be involved in a deal, though Trump recently denied discussions with Oracle’s Larry Ellison. A previous proposal in April 2025, which would have seen TikTok’s US operations majority-owned by American investors, collapsed after China opposed it following Trump’s imposition of steep tariffs on Chinese goods.
Trump’s shift from advocating a TikTok ban during his first term to defending its continuation has drawn scrutiny. Critics, including some congressional Democrats, have suggested his stance may be influenced by billionaire donors, such as Jeffrey Yass, who holds a 15% stake in ByteDance. Nonetheless, Trump’s latest executive action and his announcement of a prospective deal signal his administration’s intent to keep TikTok operational in the US, provided it transitions to American ownership.
As the 17 September deadline approaches, the tech world and TikTok’s millions of American users await further details on the buyers and the deal’s structure. With national security concerns at the forefront, any agreement will need to address data privacy and operational independence to satisfy both US and Chinese authorities.
