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Egypt Independent
an hour ago
- Business
- Egypt Independent
Trump says he has a TikTok buyer. Here are the players who have been vying to buy the app
New York CNN — After months of speculation and multiple bids from would-be American buyers, TikTok may finally be getting a new owner. President Donald Trump teased over the weekend that there is a buyer for TikTok, whom he will announce in two weeks, which could secure the app's long-term future in the United States. 'We have a buyer for TikTok, by the way. I think I'll need probably China approval, and I think President Xi will probably do it,' President Donald Trump said on Fox News' 'Sunday Morning Futures with Maria Bartiromo.' He added: 'It's a group of very wealthy people.' TikTok's parent company ByteDance is on the clock to spin off the popular short-form video app's US operations by September 17 or face a ban in the United States. Trump has repeatedly delayed enforcement of the TikTok sale-or-ban law signed by then-President Joe Biden last year — which was originally set to go into effect in January — in hopes of making a deal for an American owner to acquire the app. The app is used by about 170 million Americans to find news, entertainment, community and, in some cases, to make a living. It remains unclear whether the Chinese government would bless the sale of TikTok by its China-based owner. In April, a deal that would have transferred majority control of TikTok's US operations to American ownership was nearly finalized. But it fell apart after Trump announced additional tariffs on China, forcing the White House to announce another 75-day delay to keep the app operational in the United States. Trump extended the deadline again by 90 days earlier this month. 'Discussions with China regarding the sale of TikTok have been ongoing at the highest level, and they will continue,' White House press secretary Karoline Leavitt said in a briefing Monday. 'As you know, we have another 90-day extension, and it's just to continue to work out this deal and make sure that TikTok stays on for the American people — that's the president's main goal in this, while protecting their privacy and their security.' ByteDance and TikTok did not immediately respond to requests for comment on Monday. Here's what we know about who could buy TikTok.
NDTV
4 hours ago
- Business
- NDTV
Trump's 'Wealthy' TikTok Buyer Is Same Group Behind A Previous Stalled Bid
The prospective buyer of TikTok's American operations cited by President Donald Trump is the same investor consortium including Oracle Corp., Blackstone Inc. and venture capital firm Andreessen Horowitz, whose bid for the app had stalled amid US-China trade tensions, according to a person familiar with the matter. Trump said in an interview aired on Sunday that he had identified a contender to purchase the popular social media app from its Chinese parent ByteDance Ltd. but stopped short of naming the winning bidder. He also said that completion of any sale would be contingent on the Chinese government, including President Xi Jinping, dropping its longstanding opposition. "We have a buyer for TikTok, by the way. I think I'll need probably China approval and I think President Xi will probably do it," Trump said in a pretaped interview with Fox News's Sunday Morning Futures with Maria Bartiromo. "It's a group of very wealthy people." A person familiar with the discussions confirmed that the buyers group cited by the president was the one involving Oracle and Blackstone that had come close to reaching agreement with ByteDance in April but was halted when China withheld its approval following the US president's decision to impose sweeping tariffs. That potential agreement would have granted new outside investors 50% of TikTok's US business in a unit that would be spun off from ByteDance. ByteDance's existing US investors would also own about 30% of the business, cutting the Chinese firm's stake to just below 20% and allowing it to meet the ownership requirements of the US security law. Oracle would take a minority stake in the operations and provide security assurances for user data. White House Press Secretary Karoline Leavitt said Monday that discussions were continuing "at the highest level" with China. "We have another 90-day extension, and it's just to continue to work out this deal and make sure that TikTok stays on for the American people," she told reporters. Blackstone declined to comment, while representatives from Oracle, Andreessen Horowitz, ByteDance and TikTok didn't respond to requests for comment. Trump addressed the fate of the video-sharing platform days after the US and China signed an agreement to ease trade tensions that had flared since he imposed tariffs of as much as 145% on Chinese imports. Under the accord finalized last week, the US dropped those tariffs to 30% and promised to resume shipments of ethane, jet engines and chip-design software as long as China honored a pledge to remove some barriers on rare earths exports. That deal, though, left unanswered whether China might drop its objections to a sale of TikTok by ByteDance. When asked about the buyers mentioned by Trump, Chinese Foreign Ministry spokeswoman Mao Ning told reporters at a regular press briefing in Beijing earlier Monday that on TikTok-related issues, China "has reiterated its principled position," saying she had nothing further to add. Under a law signed by then-President Joe Biden last year, ByteDance was directed to divest TikTok's US unit by Jan. 19 or face a ban of the app over national security concerns. The company has balked at selling a lucrative business valued from $20 billion to as high as $150 billion depending on the proposed terms and technology included. Trump has since extended the deadline three times to allow more time for a deal to take shape that would spare TikTok's US operations from a shutdown. His latest extension carries through mid-September, and Trump said during the interview aired Sunday that he would reveal the buyers group "in about two weeks."
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Business Standard
12 hours ago
- Automotive
- Business Standard
Musk lashes out at tax bill supporters, threatens to unseat lawmakers
Musk warned that the proposed cuts to EVs and other clean energy credits would be "incredibly destructive" to the country, destroying millions of jobs and giving "handouts to industries of the past" Bloomberg Elon Musk once again threatened to ramp up his political spending, this time targeting nearly every sitting Republican in Congress who has signaled support for President Donald Trump 's multi-trillion dollar tax bill. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk posted on his social media platform X. 'And they will lose their primary next year if it's the last thing I do on this Earth.' But earlier this month, shortly after leaving his formal government role as an adviser to Trump, the billionaire lambasted the president's signature tax and spending deal in a series of posts that sparked an online feud and an explosive, hours-long public meltdown between the two men. It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people. — Elon Musk (@elonmusk) June 30, 2025 Over the weekend, Musk warned that the proposed cuts to electric vehicle and other clean energy credits would be 'incredibly destructive' to the country, destroying millions of US jobs and giving 'handouts to industries of the past while severely damaging industries of the future.' 'I haven't spoken to him much, but I think Elon is a wonderful guy, and I know he's going to do well always,' Trump said on Fox News's Sunday Morning Futures with Maria Bartiromo, which aired Sunday but was recorded on Friday before the billionaire's most recent posts. 'But he got a little bit upset, and you know that wasn't appropriate.'
Express Tribune
16 hours ago
- Business
- Express Tribune
Canada 'caved' to Trump on tech tax
The White House said Monday that Canadian Prime Minister Mark Carney had "caved" to President Donald Trump, after Canada dropped a tax on US tech firms that prompted Trump to call off trade talks. "It's very simple. Prime Minister Carney and Canada caved to President Trump and the United States of America," Press Secretary Karoline Leavitt said in a daily briefing. Leavitt said Trump "knows how to negotiate," adding that "every country on the planet needs to have good trade relationships with the United States." "And it was a mistake for Canada to vow to implement that tax that would have hurt our tech companies here in the United States." Canada announced late Sunday that it would rescind taxes impacting US tech firms and said trade negotiations with Washington would resume. The digital services tax, enacted last year, would have seen US service providers such as Alphabet and Amazon on the hook for a multi-billion-dollar payment in Canada by Monday. But Trump, who has weaponized US economic power in the form of tariffs, abruptly said on Friday that he was ending trade talks with Canada in retaliation for the levy. Then over the weekend Trump revived his rhetoric about wanting Canada to become the 51st US state, which had strained ties between the two countries. "Frankly, Canada should be the 51st state, okay? It really should, because Canada relies entirely on the United States. We don't rely on Canada," Trump told Fox News show "Sunday Morning Futures." The blow-up over the tech tariffs came despite what had been warming relations between Trump and Carney. The Canadian leader came to the White House on May 6 and had a cordial meeting with Trump in the Oval Office. They met again at the Group of Seven summit earlier this month in Canada, where leaders pushed Trump to back away from his punishing trade war. A July 9 deadline that Trump has set for countries to negotiate trade deals is now rapidly approaching before harsh tariffs kick in. "He is going to set the rates for many of these countries if they don't come to the table to negotiate in good faith, and he is meeting with his trade team this week to do that," Leavitt said.
Qatar Tribune
16 hours ago
- Business
- Qatar Tribune
Chinese factory activity improves in June, but still in contraction
Agencies Chinese factory activity improved slightly in June after U.S. President Donald Trump agreed to delay imposing higher tariffs on imports from China for 90 days, but overall activity was still stuck in contraction, according to a survey released Monday. The purchasing managers index (PMI), which reflects new orders and other measures, rose to 49.7 from 49.5 in May, the National Bureau of Statistics reported. That's on a scale of 0 to 100, where 50 and above shows expansion. Other reports showed similar trends in Japan and Korea. Trump has said he's not planning to extend the 90-day pause on tariffs on most nations beyond July 9. The delay for imposing much higher tariffs on China, agreed to in early May, expires about a month later. The hiatus for tariffs brought a revival of manufacturing activity as companies and individuals rushed to take advantage of lower import duties. But that mainly helped large manufacturers, with small and mid-size companies' output still contracting. Hiring also fell. New export orders and exports also remained below the 50-level that marks expansion. In Japan, manufacturing output edged 0.5% higher in May, well below analysts' estimates for a 3.5% increase. 'The subdued rise in industrial production in May means that firms were not benefitting from sky-high U.S. tariffs on Chinese imports, and their production forecasts point to continued weakness,' Marcel Thieliant of Capital Economics said in a report. South Korea's government reported that its 'all industry' measure of output fell 2.9% from a year earlier in May, with production of computer chips falling 2%. Production of vehicles fell 2.3% year-on-year, after falling 4.1% in April. In an interview with Fox News Channel's 'Sunday Morning Futures,' Trump said he's not planning to extend a 90-day pause on tariffs on most nations beyond July 9. The delay for imposing much higher tariffs on China, agreed to in early May, expires about a month later. Trump said his administration will notify countries that the trade penalties will take effect unless there are deals with the U.S. He had played down the deadline at a White House news conference Friday by noting how difficult it would be to work out separate deals with each nation. The administration had set a goal of reaching 90 trade deals in 90 days. Despite a recent trade deal with Beijing over rare earth exports from China, establishing a fairer relationship will require significant tariffs. Details of the latest agreement to de-escalate trade tensions are scarce, and significant issues between the world's two biggest economies remain unresolved. 'I think getting along well with China is a very good thing,' Trump said. 'China's going to be paying a lot of tariffs, but we have a big (trade) deficit, they understand that.'
