On June 30, US President Donald Trump said he had found a buyer for TikTok, a popular video sharing app at risk of being banned in the US due to its involvement with China.
In an interview, Mr. Trump said: "We have TikTok buyers. It's a group of very rich people."
He did not disclose the identity of the group but said it would be announced in about two weeks. The president also stressed that the deal could require approval from China and he believes that General Secretary and President of China Xi Jinping may agree.
TikTok is currently owned by ByteDance, a technology company based in China. Under US federal law, the app must be sold to a non-Chinese party or will be banned for national security reasons. The ban was originally scheduled to take effect shortly before Trump's inauguration, but it has been postponed.
Since mid-June, Mr. Trump has extended TikTok's search for new buyers by 90 days. Technology experts say that this situation is a manifestation of fierce competition between the US and China in the technology field.
Previously, Mr. Trump also announced that there was a group of investors willing to pay "a lot of money" to buy TikTok's operations in the US. He said that if there had been no trade dispute with China over the tariffs, the deal could have been made in advance.
Although he strongly supported banning TikTok, Mr. Trump changed his perspective when he realized that this platform helped him attract support from young people in the November election. I have a special affection for TikTok, he said in May. "If I need an extension, I am willing to agree."
As for ByteDance, the company confirmed that it is negotiating with the US government and affirmed that any agreement will have to comply with Chinese law.
