According to a board member of TikTok’s parent business, an agreement will soon be reached to prevent the app from being extinct in the US.
Bill Ford, the CEO of General Atlantic and a board member of ByteDance, stated on Wednesday that maintaining the app’s functionality is in “everyone’s interest.” Ford said this during a Davos, Switzerland, event sponsored by Axios.
“We’ll start negotiating what might work as soon as possible, possibly by the end of the week. There may be options “short of divestiture,” Ford stated, adding that the US government, the Chinese government, the firm, and the board must all be involved in this discussion. ByteDance, the owner of TikTok, has a significant investment from General Atlantic.
Signing an executive order that postpones the TikTok ban’s implementation for 75 days was one of President Donald Trump’s first actions after taking office on Monday. The action instructs the US Justice Department to refrain from enforcing the Foreign Adversary Controlled Applications Act, which was signed into law by former President Joe Biden in April and passed with widespread bipartisan support in Congress.
According to the law, TikTok must be prohibited in the US as of January 19 unless it sells to an American or an ally. Trump told reporters that he changed his mind about TikTok because he “got to use it,” and that he would be amenable to selling only a 50% stake.
By stating on Tuesday that “I have the right to make a deal” and rhetorically rephrasing the US law that bans TikTok as a huge financial opportunity for the US and his tech tycoon buddies, Trump is also referring to the app as a tool for negotiating deals. Trump went on to say that he would be amenable to Oracle executive chairman Larry Ellison or X owner Elon Musk taking over the app. Investor groups formed by YouTuber and TikTok star Jimmy Donaldson, commonly known as MrBeast, and billionaire Frank McCourt have also placed undisclosed bids for TikTok.
Until a settlement is reached, TikTok’s future in America is still uncertain. Even if Trump mediated a deal, it’s doubtful that ByteDance would want to sell.