A billionaire investor pursuing TikTok’s US operations says uncertainty continues 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 effective planning. The prolonged uncertainty, he said, leaves buyers stuck in limbo.
Law Driven by Security and Ownership Concerns
Congress passed the legislation in 2024 and set January as the original deadline. Lawmakers said Chinese ownership posed national security risks. They warned Beijing could pressure ByteDance to hand over US user data. Officials said those concerns justified a forced sale or ban. TikTok and ByteDance repeatedly denied the allegations. Company leaders said the claims 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 intensified political and public scrutiny.
Promised Deal Fails to Materialize
Trump and senior officials previously said a deal had been secured. They claimed Chinese President Xi Jinping approved 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 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 Concerns Over Platform Power
McCourt said concentrated power in social media raises concerns. He said platforms 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.
