US President Donald Trump has approved another 75-day extension for TikTok to comply with a US law that mandates the popular video-sharing platform to either divest its American business or face a ban.
"We do not want TikTok to 'go dark'," Trump wrote on Truth Social. "We look forward to working with TikTok and China to close the Deal." TikTok is owned by the Chinese tech firm ByteDance.
Trump initially granted an extension after taking office in January, which was set to expire this weekend.
With over 170 million US users, TikTok faces potential shutdown under a law passed by Congress unless a sale is completed.
ByteDance, in a statement on Friday, confirmed ongoing talks with the Trump administration but noted that "an agreement has not been executed".
"There are key matters to be resolved. Any agreement will be subject to approval under Chinese law," a company spokesperson said.
The Biden administration previously raised national security concerns, claiming TikTok could be used by Beijing for surveillance or political influence.
A bipartisan law passed last year gave ByteDance six months to sell its majority stake or face a ban. Free speech advocates, however, have argued against banning the platform.
The latest extension aims to give more time to finalize a deal and keep TikTok running in the US under new ownership.
"The Deal requires more work to ensure all necessary approvals are signed," Trump said on Truth Social on Friday.
Although a deal was nearly secured earlier in the week, it fell apart after Trump announced sweeping new global tariffs, including on Chinese imports.
According to a CBS News source, ByteDance then reached out to the White House, saying China would not approve the transaction unless tariff discussions were included in the negotiations.
The source said the plan had involved Trump signing an order to begin a 120-day window to close the deal, allowing time for final paperwork and funding. The agreement reportedly had backing from ByteDance, new and existing investors, and the US government, but China withdrew once tariffs were imposed.
In a statement, the Chinese embassy in Washington said it "opposed practices that violate the basic principles of the market economy".
Currently, Chinese goods face an overall 54% tariff when entering the US, while China has hit back with 34% in countermeasures.
Several new potential buyers have surfaced. CBS reports that Amazon submitted a last-minute bid, though the company has not commented. Other interested parties include billionaire Frank McCourt and Canadian investor Kevin O’Leary. Reddit co-founder Alexis Ohanian has joined McCourt’s consortium.
Microsoft, private equity firm Blackstone, venture capital group Andreessen Horowitz, and search engine Perplexity AI are also reportedly exploring bids.
Trump mentioned that four groups are in talks with his administration about a possible acquisition, without naming them. Vice-President JD Vance is leading efforts to secure a deal.
Trump has also floated the possibility of a broader agreement with China, where Beijing might greenlight a TikTok sale in return for reduced US tariffs.
"We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs," Trump wrote on Truth Social.
He emphasized that the tariffs remain "the most powerful economic tool, and every important to our national security".
Source: BBC