TikTok has less than a month until its U.S. operating life expires, but sources say there are still no talks between its Chinese owners and potential buyers. Competitors are increasingly frustrated by their inability to understand TikTok financially and technically.
There was also some confusion over who in the Trump administration would be responsible for negotiating the deal. It was early expected that he would be Treasury Secretary Scott Bessent, who previously served as chairman of the Committee on Foreign Investment in the United States (CFIUS), but Vice President Vance appears to have taken over the baton.
Meanwhile, the Chinese government continues to remain publicly silent; one source likened the situation to a game of four balls, one of which is invisible: everyone has an idea about the structure of the deal, but no confidence in its structure.
However, the April 5 deadline is not set in stone. President Trump does not legally have the authority to extend the U.S. ban any further, so there is no reason to think he will extend it further (or even indefinitely).
However, if at least a term sheet is submitted, continuing an extension would be easier to deal with, as this could trigger legal extension provisions under a law passed last year.
Senator Markey has also introduced a proposal to push the deadline back another 270 days, but that proposal is still in the legislative stage.
Former Morgan Stanley technology banker Michael Grimes has been appointed to lead the U.S. sovereign wealth fund. Many people think this job is impractical given the high debt level in the United States, but Grimes is a serious person who has completed many difficult tasks (such as Uber IPO, Twitter acquisition, etc.). It may be that the delay in TikTok's shutdown gave Grimes more time to put Trump's plan into action.
It is still possible that TikTok and the bidder will sign a tentative agreement within this month, and this possibility is increasing as the final time approaches.