A major US player has quit the race to buy TikTok
Since the inauguration, President Trump has spoken up about TikTok on several occasions, though nothing substantial followed his remarks. In a way, TikTok is in a limbo… for the moment. This period of uncertainty can be expanded, now that another key player has apparently dropped out of the race to acquire TikTok.
Reuters has some insider information: Blackstone has pulled out of a consortium that was seeking to invest in TikTok's US operations. The decision comes amid repeated delays surrounding a potential deal that has become entangled in the ongoing US-China trade negotiations. Despite the naming, Blackstone and BlackRock are separate companies that were once connected through BlackRock's early history. BlackRock was originally part of Blackstone before being spun off in 1994. Blackstone had initially planned to acquire a minority stake in TikTok's US business. The consortium, led by Susquehanna International Group and General Atlantic (both current investors in TikTok's parent company ByteDance) had emerged as the leading contender to take control of the platform's US operations. Under the proposed terms, US investors would own 80 percent of the business, with ByteDance retaining a minority stake. The deadline for ByteDance to divest TikTok's US arm has been repeatedly pushed back, leaving investors uncertain about the platform's future. Trump recently signed a third executive order extending the deadline to September 17.These extensions have drawn criticism from some lawmakers, who argue that the administration is ignoring national security risks posed by TikTok's Chinese ownership. In response to mounting pressure, ByteDance is evaluating multiple strategies, including selling or restructuring its US operations. The company, which reported $43 billion in revenue during the first quarter of this year, recently overtook Meta in quarterly earnings, according to sources.If a sale eventually goes through, the US version of TikTok would likely be owned by a joint venture between ByteDance and a group of American investors. Sources indicate TikTok is already working on a US-specific app to prepare for that possibility. Are you?
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