Tiktok, owned by Chinese company Bytedance, has been at the heart of US controversy for four years due to concerns about user data that the Chinese government may access. Just last month, the app experienced a temporary suspension in the US, leaving millions of users suspenseful before it was quickly restored.
Tiktok returned to the App Store and Google Play Store in February.
Nevertheless, Tiktok's future remains uncertain, with many investors competing for the opportunity to buy the app. As Angelo Zino, senior vice president at CFRA Research, estimates the platform's US business could raise its valuation to more than $600 billion.
Tiktok Ban: What's happened so far?
To fully understand this high-stakes drama, we first revisited the timeline of Tiktok's turbulent relationship with the US government, bringing various legal battles and negotiations.
The drama first began in August 2020, when Trump signed an executive order to ban dealing with the parent company's deadline.
A month later, Trump's administration attempted to force a US-based company to sell Tiktok's US operations. Key candidates included Microsoft, Oracle and Walmart. However, US judges temporarily blocked Trump's executive orders, allowing Tiktok to continue operations while legal battles unfold.
Following the transition to the Biden administration, last year began to go further. The US House of Representatives passed the law against Tiktok with an overwhelming 360-58 votes. On April 23, 2024, the Senate passed the bill.
Shortly afterwards, President Joe Biden signed a bill requiring the sale or ban on Tiktok. In response, Tiktok sued the US government, challenging the totality of the ban, claiming that the app and its American users were violating the initial right to amend. The company consistently denies that data stored in the US poses a security threat, as it claims to comply with all local laws.
Trump has a change of heart
On December 27, 2024, Trump opposed the possibility of a ban on Tiktok in court filings, saying he could find a way to keep the app in the US.
In January, the US Supreme Court upheld Americans from the Foreign Hostile Application Act (PAFACA), commonly known as the “Tiktok Ban.” Tiktok officially announced that it would likely need to get dark on January 19th.
Tiktok shuts down…and then I'll come back online
Tictok certainly closed itself in the United States when the act came into effect, but it didn't last long. The app was back online within 12 hours. The platform said, “After President Trump's efforts, Tiktok has returned to the United States.”
Where we are today
On January 20th, Trump signed an executive order that postponed the 75-day ban on Tiktok. This extension will give the app additional time to sell shares on the platform or reach an agreement with Trump. His goal is to achieve a 50-50 ownership arrangement between bytedance and the US company.
Recently, in early March, Trump told reporters that his administration was in discussions with four different groups interested in purchasing the platform on a Reuters basis.
We haven't yet reached a definitive deal on the platform sales, but we were able to find it soon.
Below is a list of investors groups and companies that are rumoured to be potential buyers of Tiktok's US business. (Amazingly, Elon Musk is not among them.)
People's bids for Tiktok
The Tiktok People's Bid is a consortium hosted by Project Liberty founder Frank McCourt and is also the former owner of the Los Angeles Dodgers. Investment company Guggenheim Securities and law firm Kirkland & Ellis help collect bids. The main mission of people's bidding to win Tiktok is to adopt an open source approach to prioritize privacy and data management.
The supporters involved are:
Alexis Ohanian: The co-founder of Reddit is the latest high-tech entrepreneur who takes on the role of strategic advisor and takes part in people's bidding. He joined on March 3rd. Kevin O'Leary: A famous investor and television personality who previously said he's willing to buy Tiktok for $2 billion from Fox. O'Leary took part in people's bids on January 6th. TimBerners-Lee: The inventor of World Wide Web “users should have the ability to control their data,” Berners-Lee said in a statement. David Clark: Clark, a senior research scientist at the MIT Computer Science and Artificial Intelligence Institute, has also been appointed as participant.
Image credits: Dave Kotinsky/Getty Images
American Investor Consortium
Jesse Tinsley, CEO and founder of Employer.com, leads a consortium of American investors. Last month, Tinsley announced a $30 billion all-cash offer to acquire Tiktok's US business.
David Baszucki: Tinsley told Bloomberg that Roblox's co-founder and CEO was the participant. Nathan McCauley: Co-founder and CEO of Crypto Platform Anchorage Digital has been confirmed to be part of the consortium, Bloomberg reported.
Oracle HeadquartersSimageCredit: Paul Sakuma / AP
Other stakeholders
Bobby Kotick: The former CEO of Activision is reportedly interested in purchasing Tiktok. With his experience managing major gaming companies, his interest in apps could be driven by the possibility of integrating games and social media. Stephen Munichin: The former US Treasury Secretary, who served during President Trump's first term, has reentered the debate over the possibility of Tiktok's purchase. Oracle: The company previously bid for Tiktok in 2020. In front of the White House in January, Oracle co-founder Larry Ellison told Trump that 50% ownership “feels quite a bit.” Information reported in March that Oracle was the biggest choice to act as a cloud technology partner to help Tiktok operate at Walmart in the US could also turn to Tiktok to enhance its e-commerce reach. Walmart first expressed interest in 2020. Microsoft: The Tech Giant has previously expressed interest in getting Tiktok, and Trump said the company has recently re-entered its bid to buy the app. Rumble: An alternative to YouTube announced that they would like to acquire Tiktok on X and act as a cloud technology partner. Perplexity AI: According to CNBC, the AI search engine startup submitted a bid last month.
The story was updated after publication to include new stakeholders.