In April last year, the U.S. Congress passed a law requiring TikTok's parent company ByteDance to sell the app before January 19 this year, otherwise the app will be banned in the United States on the grounds of so-called national security. ByteDance has previously made it clear that it will not sell TikTok.
Coincidentally, the day the ban took effect also happened to be the day before Trump was sworn in. About 12 hours after the platform’s ban came into effect, newly elected Trump issued an executive order to delay the implementation of the “sell or ban” bill for 75 days. According to the timeline set by Trump’s executive order,There is about a week left before the bill takes effect, ending on April 5.
Trump also reiterated on Wednesday thatHe is willing to extend the deadline if a deal cannot be reached by next week.
"We will reach some kind of agreement - TikTok is very popular," he said. "But if there is no agreement, it's not a big deal, we will postpone it. I have the right to make an agreement and I can postpone it if I want to."
U.S. Commerce Secretary Howard Lutnick said earlier this month that the president wanted to reach an agreement on TikTok's future ownership within the current deadline, adding that the president "doesn't like extensions." But Lutnick pointed out at the time that Trump might not be able to reach an agreement before April 5.
Many buyers have already expressed interest in acquiring TikTok’s U.S. subsidiary. These include top YouTube celebrity MrBeast, as well as a joint bid by former Los Angeles Dodgers owner Frank McCourt and "Shark Tank" star investor Kevin O'Leary.
Trump himself has said that he is open to Musk or Oracle Chairman Larry Ellison acquiring TikTok.
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