Four different groups eye the Chinese-owned viral social media platform TikTok, according to the latest comments by US President Donald Trump.
Aboard the Air Force One, Trump told the media that all the options looked good. The US administration forced the hand of owner ByteDance to sell the platform on national security grounds or face a ban.
On January 19, the TikTok ban came into effect, but it was quickly reversed after Donald Trump assumed the office of the POTUS on January 20. This gave ByteDance a lifeline of 75 days to muse the future of the platform in the US.
It is still unclear whether ByteDance would consider selling the US operations alone (like how Uber did with Uber Eats in India), or the entire platform—given the absence of any official statement from the Chinese tech company.
Trump told the media, “We're dealing with four different groups, and a lot of people want it.” TikTok piqued the interest of many, including Frank McCourt (former owner of MLB team Los Angeles Dodgers), Alexis Ohanian (co-founder of Reddit), Jesse Tinsley (tech investor), Jimmy Donaldson a.k.a MrBeast (YouTube personality), and Reid Rasner (Wyoming-based entrepreneur).
The sovereign wealth fund, the formation of which was signed by Trump as an executive order in February, could also look to buy TikTok, once it is up and running. Many countries in the Middle East and Asia have similar wealth funds, which governments use to make direct investments.
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Current market estimates put the highly valued social media platform at a staggering $50 billion. Trump, earlier this week, also mused the possibility of extending the ban deadline for TikTok to allow operating in the US, and attract more bids.
Despite its high valuation and brand equity, TikTok faces action in other parts of the world. It is banned in India amid concerns of national security. In Albania, the national cabinet last week decided to shut TikTok down for a year, alleging that the platform incited violence and bullying in children.
