President Donald Trump will hold a Wednesday meeting with aides about possible investors who could buy a stake in TikTok, a deal that could potentially stop the social media site from being banned in the United States.
The details of the meeting were confirmed by a person familiar with the situation who spoke on condition of anonymity to discuss internal deliberations.
There has been uncertainty about the popular video app after a law took effect on Jan. 19 requiring its China-based parent, ByteDance, to divest its ownership because of national security concerns. After taking office, Trump gave TikTok a 75-day reprieve by signing an executive order that delayed until April 5 the enforcement of the law requiring a sale or effectively imposing a ban.
Among the possible investors are the software company Oracle and the investment firm Blackstone.
Likely to attend the Oval Office meeting with Trump on Wednesday are Vice President JD Vance, Commerce Secretary Howard Lutnick, White House national security adviser Mike Waltz and Director of National Intelligence Tulsi Gabbard.
CBS News first reported on the meeting.
Talking to reporters Sunday while on Air Force Once, Trump said he would “like to see TikTok remain alive.” He previously indicated that he might consider reducing tariffs against China if the country approves the sale.
During his first term, Trump tried to ban TikTok on national security grounds, which was halted by the courts before his administration negotiated a sale of the platform that eventually failed to materialize. He changed his position on the popular app during last year’s presidential election and has credited the platform with helping him win more young voters.
“I won the young vote by 36 points. Republicans generally don’t do very well with the young vote,” he said Sunday. “I think a lot of it could have been TikTok.”
Trump has said that the deadline on a TikTok deal could be extended further if needed. He previously proposed terms in which the U.S. would have a 50% stake in a joint venture. The administration hasn’t provided details on what that type of deal would entail.
TikTok and ByteDance have not publicly commented on the talks. It’s also unclear if ByteDance has changed its position on selling TikTok, which it said early last year it does not plan to do.
What will happen on April 5?
If TikTok is not sold to an approved buyer by April 5, the original law that bans it nationwide would once again go into effect. However, the deadline for the executive order doesn’t appear to be set in stone and the president has reiterated it could be extended further if needed.
Trump’s order came a few days after the Supreme Court unanimously upheld a federal law that required ByteDance to divest or be banned in January. The day after the ruling, TikTok went dark for U.S. users and came back online after Trump vowed to stall the ban.
The decision to keep TikTok alive through an executive order has received some scrutiny, but it has not faced a legal challenge in court.
Who wants to buy TikTok?
Although it’s unclear if ByteDance plans to sell TikTok, several potential bidders have come forward in the past few months.
Aides for Vice President JD Vance, who was tapped to oversee a potential deal, have reached out to some parties, such as the artificial intelligence startup Perplexity AI, to get additional details about their bids, according to a person familiar with the matter. In January, Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity’s business with TikTok’s U.S. operation.
Other potential bidders include a consortium organized by billionaire businessman Frank McCourt, which recently recruited Reddit co-founder Alexis Ohanian as a strategic adviser. Investors in the consortium say they’ve offered ByteDance $20 billion in cash for TikTok’s U.S. platform. And if successful, they plan to redesign the popular app with blockchain technology they say will provide users with more control over their online data.
Jesse Tinsley, the founder of the payroll firm Employer.com, says he too has organized a consortium, which includes the CEO of the video game platform Roblox, and is offering ByteDance more than $30 billion for TikTok.
Trump said in January that Microsoft was also eyeing the popular app. Other interested parties include Trump’s former Treasury secretary Steve Mnuchin and Rumble, the video site popular with some conservatives and far-right groups. In a post on X last March, Rumble said it was ready to join a consortium of parties interested in purchasing TikTok and serving as a tech partner for the company.
This story was originally featured on Fortune.com
