A billionaire investor chasing TikTok’s US business says uncertainty still defines the process as a new deadline nears. The United States has postponed the forced sale of the app several 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 move would mark the fifth delay since Congress passed the law.
Investor Frank McCourt said his group continues waiting for a clear signal. He said the investors remain ready to act immediately. McCourt said they already secured the capital needed for a purchase. He added that constant delays make planning impossible. The prolonged uncertainty, he said, leaves buyers in limbo.
Congress Targets Ownership and Data Risks
Congress passed the legislation in 2024 and set January as the original cutoff. Lawmakers argued Chinese ownership posed national security threats. They warned Beijing could pressure ByteDance to release US user data. Officials said those fears justified drastic action. TikTok and ByteDance repeatedly rejected the allegations. Company leaders said the claims lack evidence.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the measure in early 2025. The ruling removed remaining legal obstacles. Despite that decision, the administration delayed enforcement. Each delay sharpened political tensions.
Deal Optimism Fades After Failed Meeting
Trump and senior officials previously said a deal existed. They claimed Chinese President Xi Jinping supported the arrangement. Trump said experienced American investors would take control. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would finalise terms during an October meeting.
The meeting ended without an agreement. ByteDance never confirmed approval of a sale. Chinese authorities also gave no confirmation. Officials now avoid claiming a deal is close. Most analysts expect another extension.
Investors Raise Concerns Over Influence
McCourt said concentrated power in social media raises alarms. He said platforms like TikTok strongly influence public debate. He declined to identify investors favoured 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 built alternative systems. Those systems include a new recommendation engine.
