Latest news with #ChinaApproval
Yahoo
11 hours ago
- Business
- Yahoo
Donald Trump Says Group Of 'Very Wealthy People' Looking To Acquire TikTok
President Donald Trump told Fox News that a group of 'very wealthy people' are in place to buy hugely popular video app TikTok, telling Sunday Morning Futures with Maria Bartiromo that he will unveil the identities of the investors in about two weeks. He also noted that the deal would likely require approval from the Chinese government but predicted Chinese President Xi Jinping would probably approve it. More from Deadline Korea's 'Doubt' & Spain's 'Celeste' Win Big at Italian Global Series Festival Mark Hamill Recalls His Idea For Luke Skywalker's Tragic Backstory In 'Star Wars: The Last Jedi' Henry Golding Explains Why James Bond Role Is "Every Actor's Kind Of Nightmare" His comments mark the latest twist in the long saga of TikTok in the U.S. A ban, or a sale to U.S. interests, of its business Stateside was voted into law by Congress, signed by former president Joe Biden and upheld by the Supreme Court early this year. The legal deadline for the shutdown or sale was Jan. 19, the day before Trump took office. Biden punted to Trump. and the current POTUS, as one of his first acts in office, immediately stayed law in what many considered to be a legally dubious move. TikTok had shut down very briefly in the U.S. at time before resuming business as usual Trump's third and latest stay on the ban runs through September 17. 'We have a buyer for TikTok,' Trump told Bartiromo. 'I think we'll probably need China approval and I think President Xi will probably do it.' Asked when he'd reveal the buyers, he said, 'I'll tell you in about two weeks.' TikTok is owned by Chinese company ByteDance and U.S. policymakers on both sides of the aisle fear that it can be a conduit for the Chinese government to data on millions of U.S. consumers. The ban or sale was based on national securities concerns. TikTok and ByteDance both deny this. A potential TikTok deal became entangled in broader hostilities in recent months with China amid Trump's aggressive stance on trade that levied stiff tariffs on Chinese goods. The two countries are currently in a truce with most import tax temporarily lowered as they negotiate a broader trade deal. They said recently they had agreed on a framework. Best of Deadline 2025 TV Cancellations: Photo Gallery 2025 TV Series Renewals: Photo Gallery 2025-26 Awards Season Calendar: Dates For Tonys, Emmys, Oscars & More
South China Morning Post
15 hours ago
- Business
- South China Morning Post
Trump says he has group of ‘very wealthy' people to buy TikTok
US President Donald Trump said in a Fox News interview broadcast on Sunday that he had found a buyer for the TikTok short-video app, which he described as a group of 'very wealthy people' whose identities he will reveal in about two weeks. Trump made the remarks in an interview on Fox News' Sunday Morning Futures with Maria Bartiromo programme. He said the deal he is developing would probably need China's approval to move forward and he predicted Chinese President Xi Jinping would be likely to approve it. The US president earlier this month extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok despite a law that mandated a sale or shutdown without significant progress. A deal had been in the works this spring that would have spun off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. 'We have a buyer for TikTok, by the way,' Trump said. 'I think I'll need probably China's approval. I think President Xi will probably do it.' A 2024 US law required TikTok to stop operating by January 19 unless ByteDance had completed divesting the app's US assets or shown significant progress towards a sale.
