Washington, D.C. — A billionaire investor eyeing the acquisition of TikTok’s U.S. operations finds himself in a state of uncertainty as the deadline for a potential sale approaches. The U.S. government has repeatedly postponed the timeline regarding the sale of the popular social media platform, which is owned by the Chinese company ByteDance.
The latest extension, which may mark the fifth delay, is anticipated to be announced soon by President Donald Trump. Frank McCourt, a prominent investor eager to take over TikTok, expressed his frustration during a recent interview. “We’re just standing by and waiting to see what happens,” he said, emphasizing his readiness to proceed if the opportunity arises.
Despite the app originally facing a ban or forced sale in January due to concerns about national security risks associated with ByteDance’s ties to the Chinese government, the impending deadline has created an air of ambiguity. Lawmakers have long feared that the Chinese government could potentially access the personal data of American users. TikTok and ByteDance have consistently rejected these allegations as unfounded.
The law enforcing the sale was enacted during President Joe Biden’s administration and was upheld by the Supreme Court in early 2025. Previously, both Trump and members of his administration have suggested that an acquisition deal was nearly finalized, allegedly with the approval of Chinese President Xi Jinping. They claimed that major U.S. investors were prepared to step in, with notable figures such as Oracle’s Larry Ellison and Dell Technologies’ Michael Dell mentioned as potential stakeholders.
However, attempts to formalize an agreement during a meeting between Trump and Xi proved fruitless, leading to heightened skepticism regarding the negotiations. With no recent developments indicating a conclusion, analysts suggest that further extensions are almost certain.
McCourt, a leader among a consortium of investors that includes Reddit co-founder Alexis Ohanian and Canadian businessman Kevin O’Leary, underscored the importance of compliance with U.S. regulations regarding any potential ownership change. He raised concerns about the concentration of power in social media and its influence on public opinion.
“My hope would be that if and when a transition occurs, it ends up in the hands of people committed to the law,” McCourt stated. He is determined to operate TikTok independently of its Chinese technology, proposing alternatives developed through his initiative known as Project Liberty. According to McCourt, this new infrastructure could help ensure that user data remains secure and that the platform operates under U.S. guidelines.
As the situation unfolds, the clock continues to tick for both investors and policymakers, with the outcome poised to significantly impact the social media landscape in the United States.
