A billionaire investor pursuing TikTok’s US operations says uncertainty persists as another deadline approaches. The United States has postponed the app’s forced sale multiple times. Officials warn the platform could face a ban without a completed deal. President Donald Trump appears ready to extend the deadline again on Tuesday. This would mark the fifth delay since Congress passed the law.
Investor Frank McCourt said his group remains on standby. He said the investors are prepared to act immediately. McCourt said they already secured the funding needed for a purchase. He added that repeated delays prevent proper planning. The prolonged uncertainty, he said, leaves buyers stuck in limbo.
Security Concerns Drive Legislative Action
Congress passed the law in 2024 and set January as the initial deadline. Lawmakers said Chinese ownership posed national security risks. They warned Beijing could pressure ByteDance to hand over US user data. Officials said those risks justified a forced sale or ban. TikTok and ByteDance repeatedly denied the claims. Company leaders said the accusations lack evidence.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the legislation in early 2025. The ruling cleared the final legal obstacles. Despite that, the administration delayed enforcement. Each extension heightened political and public scrutiny.
Deal Promises Fail to Materialize
Trump and senior officials previously claimed a deal was secured. They said Chinese President Xi Jinping supported the arrangement. Trump said experienced US investors would acquire the platform. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would formalize the deal during an October meeting.
That meeting ended without an agreement. ByteDance never confirmed approval of a sale. Chinese authorities also remained silent. Officials now avoid suggesting a deal is imminent. Most analysts expect yet another extension.
Investors Raise Influence Concerns
McCourt said concentrated power in social media platforms raises alarms. He said apps like TikTok strongly shape public opinion. He declined to name investors favored by the White House. McCourt works with a group including Alexis Ohanian and Kevin O’Leary.
He said he hopes the platform either shuts down or sells legally. He wants ownership that fully complies with US law. McCourt said his plan removes all Chinese technology. He said Project Liberty developed alternative systems. Those systems include a replacement recommendation engine.
