President Donald Trump has expressed openness to Elon Musk, CEO of Tesla, or Larry Ellison, co-founder of Oracle, purchasing the U.S. operations of TikTok. This development follows ongoing national security concerns surrounding the Chinese-owned social media platform.
During a recent press conference, Trump stated, “If Elon Musk or Larry Ellison wants to buy TikTok, I would certainly be open to that.” He emphasized the importance of U.S. ownership to mitigate potential security risks associated with the app’s Chinese parent company, ByteDance.
This announcement coincides with the enforcement of a new U.S. law requiring TikTok to either divest its Chinese ownership or face a ban within the country. The legislation stems from fears that the Chinese government could access user data, compromising national security. In response, Trump signed an executive order granting TikTok a 75-day extension to comply with the mandate.
TikTok remains unavailable on U.S. app stores despite the extension
Despite the extension, TikTok remains unavailable on U.S. app stores, including those operated by Google and Apple. Tech companies are hesitant to allow downloads or updates due to potential fines of $5,000 per user, which could accumulate to substantial amounts. The app’s temporary shutdown before the extension raised questions about its future in the U.S. market.
Elon Musk, known for his ventures in electric vehicles and space exploration, has not publicly expressed interest in acquiring TikTok. However, he has criticized the lack of reciprocity in market access between the U.S. and China, advocating for fair trade practices. Larry Ellison, whose company Oracle has a significant presence in cloud computing, also has not indicated plans to purchase the app.
23 countries have implemented partial or complete bans on TikTok, reflecting a growing apprehension toward the platform
In addition to suggesting potential buyers, Trump announced a substantial investment in artificial intelligence infrastructure. The initiative involves a $500 billion investment from private companies, including OpenAI, SoftBank, and Oracle, forming a joint venture named Stargate. This project aims to bolster the nation’s technological capabilities and maintain a competitive edge globally.
The future of TikTok in the U.S. remains uncertain as the deadline approaches. Potential buyers, including Musk and Ellison, have yet to make formal offers. The situation continues to evolve, with significant implications for the tech industry and international relations.
