Trump Tells Fox News He’s Assembled Wealthy Investors to Acquire TikTok

Former U.S. President Donald Trump revealed in a recent interview that he has found a buyer for TikTok’s U.S. operations. The deal involves a group of "very wealthy people," whose identities he plans to disclose within the next two weeks. Trump made the statement during an appearance on Fox News’ "Sunday Morning Futures" with Maria Bartiromo, aired on June 29.

Deadline Extended for TikTok Sale

Earlier this month, Trump—who returned to office in 2025—extended the deadline to September 17 for ByteDance, TikTok’s China-based parent company, to divest the short-video app’s U.S. operations. This extension comes despite a law passed in 2024 that required TikTok to either be sold or shut down by January 19, 2025, unless ByteDance could demonstrate “significant progress” toward divesting its American assets.

The law was introduced amid growing national security concerns that TikTok’s Chinese ownership could expose U.S. users to data privacy violations and foreign influence.

Wealthy Buyer Group Assembled

In his Fox News interview, Trump stated confidently, "We have a buyer for TikTok, by the way," and described the buyers as "very wealthy people." He added that their identities would be revealed soon. Trump did not specify whether this buyer group includes any major U.S. tech firms or private equity investors but implied that the deal would involve majority U.S. ownership and operation of TikTok’s American assets.

China’s Approval Remains a Hurdle

Trump acknowledged that the deal would likely require approval from the Chinese government, given that ByteDance is a Chinese company. "I think I'll need probably China's approval," he said. "I think President Xi will probably do it."

This comes as U.S.-China relations remain tense, especially following Trump’s renewed imposition of steep tariffs on Chinese imports, which have strained diplomatic and economic ties between the two global powers.

Earlier Deal Stalled Over Geopolitical Tensions

A TikTok sale was already being negotiated earlier in 2025. The proposed deal would have spun off TikTok’s U.S. business into a new, U.S.-majority-owned firm, but it was suspended after China signaled disapproval. The Chinese government reportedly refused to greenlight the sale after Trump announced increased tariffs on Chinese goods.

This led to a standstill, despite bipartisan pressure in the U.S. Congress to push ByteDance out of American markets.

Trump Ties TikTok to Youth Support in Elections

Trump has previously credited TikTok as a key platform in reaching younger voters, especially during the 2024 election. His campaign reportedly used the platform for viral messaging and trend-based outreach, helping him secure greater visibility among Gen Z audiences.

This connection may explain why Trump has extended the app’s divestment deadline three times, offering ByteDance additional chances to resolve the issue without an outright ban.

Legal Context: The 2024 TikTok Law

The Protecting Americans from Foreign Adversary Controlled Applications Act, signed into law in 2024, requires TikTok to cease operations in the U.S. by January 19, 2025, unless ByteDance sells the U.S. division or shows significant progress toward doing so.

The law was a response to longstanding national security concerns raised by U.S. lawmakers and intelligence agencies. They fear that Chinese authorities could compel ByteDance to hand over user data or manipulate content algorithms.

Despite these concerns, TikTok has maintained that it operates independently and has introduced several transparency measures, including routing U.S. user data through Oracle’s servers on U.S. soil.

What’s Next for TikTok in the U.S.?

With just under three months left before the new deadline, it remains uncertain whether the sale will be completed—and approved—on time. If not, TikTok faces the risk of a complete U.S. ban or being removed from major app stores.

The Biden administration initially proposed tighter regulations, but Trump’s re-election and his focus on high-profile deals have shifted the policy back toward forced divestment.

As anticipation builds around the identities of the potential buyers, all eyes are now on whether China’s President Xi Jinping will give the green light to the proposed deal.