A billionaire investor seeking TikTok’s US operations says uncertainty persists as the next sale deadline nears. The United States has repeatedly postponed the date for a forced sale. Officials warn the app could face a nationwide block without an agreement. President Donald Trump appears ready to extend the deadline again on Tuesday. This move would mark the fifth delay since lawmakers passed the law.
Investor Frank McCourt said he and other backers remain on standby. He said the group waits for clarity from Washington before acting. McCourt said his investors prepared to move immediately if conditions change. He added that the group already secured sufficient capital. The prolonged silence, he said, leaves buyers unable to plan.
Lawmakers Cite Security Risks and Data Fears
Congress passed the law in 2024, setting a January deadline for a sale or ban. Lawmakers argued ByteDance’s China ties posed national security risks. They warned Beijing could pressure the company to surrender American user data. Officials described those risks as unacceptable in the current geopolitical climate. TikTok and ByteDance consistently rejected those allegations. Company leaders insisted user data remains protected.
President Joe Biden signed the legislation before leaving office. The Supreme Court upheld the law in early 2025. The ruling cleared legal obstacles for enforcement. Still, the executive branch continued delaying action. Each extension increased frustration among investors and lawmakers.
White House Claims Clash With Reality
Trump and senior officials previously said a deal was complete. They claimed Chinese President Xi Jinping supported the arrangement. Trump said sophisticated American investors would acquire the platform. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell as potential buyers. Administration officials said leaders would formalise the deal during an October summit.
That meeting ended without an agreement. ByteDance never announced approval of a sale. Beijing also stayed silent after those claims. This time, officials make no promises of an imminent deal. Most analysts now expect another extension.
Investors Warn of Power and Influence
McCourt said he worries about concentrated power in social media platforms. He said apps like TikTok wield enormous influence over public discourse. He avoided naming any White House-backed investors. McCourt belongs to a group including Reddit co-founder Alexis Ohanian and investor Kevin O’Leary.
He said he hopes the platform either shuts down or sells legally. He wants new owners who fully comply with US law. McCourt said his plan excludes Chinese technology. He said his Project Liberty developed alternative systems, including a new recommendation engine.
