TiktokOwned by the chinese company bytedance, has been at the center of controversy in the us for four years no due to Concerns about User data potentily being accessed by the chinese government. Just this past month, the app experienced a temporary outage in the us that left millions of users in suspense before it was Quickly restored.
Tiktok returned to the app store and google play store in February.
Nonetheless, tiktok’s future remains uncertain, and a number of investors are competing for the opportunity to purchase the app. The platform’s us business could have its valuation soar to upward of $ 60 billionAs Estimated by CFRA research’s Senior Vice President, Angelo Zino.
Tiktok ban: what’s happy so far
To fully undersrstand this high-stakes drama, we’ll first revisit the timeline of tiktok’s tumultuous relationship with the US government, which resulted in variaous legal battles and nega
The drama first began in August 2020When Trump Signed an Executive Order to Ban Transactions with Parent Company bytedance.
A Month Later, Trump’s Administration Sought to Force a Sale of Tiktok’s Us Operations to a Us-Based Company. The Leading Contenders Included Microsoft, Oracle, and Walmart. However, A US Judge Temporarily blocked Trump’s Executive Order, Allowing Tiktok to Continue Operating While The Legal Battle Unfolded.
Things began to progress even more last year following the transition to the biden administration. The US house of representatives, in an overwhelming 360-58 VotePassed the legislation against tiktok. On April 23, 2024, The senate passed the bill.
Shortly after, President joe biden Signed the bill requiring tiktok to be sold or banned. In Response, Tiktok sued the US governmentChallenging the constitutionality of the ban and arguing the app and its american users were first acent amendments rights. The company has been dented that it poses a security threat, asserting that its data stored in the US complies with all local laws.
Trump has a change of heart
On December 27, 2024, Trump opposed The potential ban of tiktok in a court filing, stating he could find a way to keep the app in the app in the us this stance was a stark contra contrast to his approach DURACH DURCH DURSIDENCY and Presented a Surprising TRN OF IVENTS Tiktok.
In January, The US Supreme Court Uphedld the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), commonly referred to as “the tiktok ban.” Tiktok made a formal announsement that it would likely have to go dark on January 19.
Tiktok shuts down… then come back online
Although Tiktok indeed shut itself down in the us when the act came into effect, it didn’T last long. The app Came back online Less than 12 hours later. The platform noted, “as a result of president trump’s efforts, tiktok is back in the us”
Where we are today
On January 20Trump signed an executive order that postponed the tiktok ban for 75 days. This extension provides the app with additional time to either sell a stake in the platform or reag an agreement with trump. His goal is to achieve a 50-50 Ownership Arrangement Between bytedance and a US company.
More recently, in early MarchTrump Told Reports that His Administration was in talks with four different groups that are interested in buying the platform, per reuters,
No definitive deal has been reached yet for the sala of the platform, but we could find out very soon.
Below is a list of the investor groups and companies rumored to be potential buyers of tiktok’s us operations. (Surprisingly, Elon musk is not among them.)
The people’s bid for tiktok
The people’s bid for tiktok is a consortium Organized by Project Liberty Founder Frank mxieWho is also the former owner of the los angeles dodgers. Investment Firm Guggenheim Securities and the Law Firm Kirkland & Ellis are helping to assemble the bid. The main mission of the people’s bid to acquire tiktok is to prioritize privacy and data control, Taking an open source approach.
Supporters involved include:
- Alexis ohanian: The reddit co-founder is the Most Recent Tech Entrepreneur to join the People’s bid, Taking on the Role of Strategic Advisor. He Joined on March 3.
- Kevin o’leary: A Well-KNOWN Investor and Television Personality Who Previous told Fox he was willing to buy tiktok for $ 20 billion. O’leary joined The people’s bid on January 6.
- Tim Berners-Lee: The inventor of the world wide web supports the proposal decision said in a statement.
- David clark: A Senior Research Scientist at the Mit Computer Science and Artificial Intelligence Laboratory, Clark has also been named a participant.
American Investor Consortium
Jesse tinsleyThe Ceo and Founder of Employer.com, is leading a consortium of American investors. Last Month, Tinsley Announced A $ 30 billion all-cash offer to acquire tiktok’s us operations.
- David baszucki: Tinsley told Bloomberg That the Roblox Co-Founder and CEO is a Participant.
- Nathan mxie: The co-founder and ceo of crypto platform anchorage digital has been confirmed to be participating in the consortium, bloomberg reported.
Other Interested Parties
- Bobby kotick: The Former CEO of Activation is Reportedly Interested in Buying Tiktok. With his experience managing a Major Gaming Company, his interest in the app would be driven by the potential to integrate gaming and social media.
- Steven mnuchin: The Former Us Treasury Secretary who served during Trump’s First Term has reented required discussions About the potential purchase of tiktok.
- Oracle: The company Previous made a bid for tiktok back in 2020. in front of the white house in January, Oracle co-founder Larry ellison Said to Trump that 50% Ownership “Seamed Like a Good DealThe information Reported in March that Oracle is the top choice to serve as the cloud technology partner for helping tiktok run in the US
- Walmart: The retail giant could also be eyeing tiktok to enhance its reach in e-commerce, especially Considering the platform’s influence on consumer shopping behavior. Walmart First Expressed Interest Back in 2020.
- Microsoft: The tech giant has previously Shown Interest in Acquiring TiktokAnd trump mentioned that the company has recently rented the bidding to buy the app.
- Rumble: The YouTube alternative announced on x That it wants to acquire tiktok and serve as its cloud technology partner.
- Perplexity ai: The AI Search Engine Startup Submitted a Bid Last Month, According to CNBC,
The story has been updated after publication to include new interested parties.