The bankers definitely want in despite this being a heavy lift because the fees on an estimated $20-plus billion deal could be pretty rich.
TikTok owner ByteDance is reportedly still searching for non-sale options to stay in the US after the Supreme Court upheld a national security law requiring that TikTok's US operations either be shut down or sold to a non-foreign adversary.
Trump issued an executive order on Jan. 20 to extend the ban on TikTok, implemented by former President Joe Biden last year. The order granted a 75-day extension, which Trump said will allow him to consult with his advisors and heads of "relevant" departments and agencies to address national security concerns posed by TikTok.
Reports have identified potential buyers for TikTok, including Steven Mnuchin, Frank McCourt, and Kevin O'Leary of Shark Tank fame. In a Fox News interview, O'Leary clarified that Trump is acting as an advisor on the matter, not a potential buyer.
President Donald Trump has signaled a potential deal to save TikTok over the weekend, as Republican attorneys general are skeptical of the app's safety but await Trump's action.
Under the deal being negotiated by the White House, TikTok’s China-based owner, ByteDance, would retain a stake in the company, but data collection and software updates would be overseen by Oracle, which already provides the foundation of TikTok’s Web infrastructure, one of the sources told Reuters.
President Donald Trump told reporters Saturday, "Numerous people are talking to me, very substantial people, about buying" TikTok.
Donald Trump is now being hailed as TikTok's savior after he tried to ban the app during his White House first term.
San Francisco's Perplexity AI has presented the new proposal to Byte Dance, TikTok’s parent company, as the organization searches for a U.S. buyer.
Euronews Next takes a look back at the first week of President Trump’s mandate to see what changes are coming for technology. View on euronews
The revised proposal allows for a new structure merging Perplexity AI and TikTok's U.S. business. The U.S. government could acquire up to a 50 percent nonvoting stake after a public offering valued at $300 billion or more. ByteDance would maintain equity in the new entity but cede control to a U.S. board.