Trump says 'very wealthy' group ready to buy TikTok, awaits China's nod

US President Donald Trump has claimed that a deal is in the works to sell TikTok to a group of “very wealthy people,” but indicated that the proposed acquisition may require approval from Chinese President Xi Jinping.

In a Fox News interview aired on Sunday, Trump said, “We have a buyer for TikTok, by the way… I think I’ll need probably China’s approval. I think President Xi will probably do it.” He declined to name the potential buyers, promising to reveal their identities “in about two weeks.”

This comes amid ongoing uncertainty surrounding the future of TikTok in the US, where a 2024 law mandates that its China-based parent company, ByteDance, must divest the app’s US assets or face a ban. The original deadline for the divestment has already been extended three times by Trump, who has credited TikTok with helping him gain popularity among younger voters in the 2024 election.

Earlier this year, a deal was being negotiated to spin off TikTok’s US operations into a separate company majority-owned and operated by American investors. However, those talks stalled after China signalled opposition, particularly in response to Trump’s announcement of new tariffs on Chinese imports.

Trump has previously floated the idea of a joint venture between ByteDance and US-based investors, potentially giving the US a 50% stake. He has also named allies like Larry Ellison and Elon Musk as potential buyers, though the latter appears increasingly unlikely to be involved.

With the current deadline set for 17 September, all eyes are now on whether ByteDance will proceed with the sale, and if the Chinese government will approve any such deal.