TikTok sale countdown, Trump to review final proposal on Wednesday

President Trump is expected to hold a meeting with his aides in the Oval Office of the White House on Wednesday to review the final proposal regarding the sale of TikTok. The aim of this acquisition is to purchase the Chinese-owned stake in TikTok to separate the platform from its Chinese parent company in order to safeguard U.S. national security.

Last year, with bipartisan support, the United States passed a law requiring ByteDance to divest from TikTok by January 19, or else the platform would face a nationwide ban in the U.S., leaving the future of this popular short video app in America uncertain.

Members of both parties believe that if TikTok is owned by a Chinese company, it could be under the influence of the Chinese Communist Party, allowing Beijing to potentially manipulate U.S. public opinion through the platform and collect data from American users.

Upon his return to the White House, Trump signed an executive order granting a 75-day grace period to TikTok, extending the deadline for compliance with the law to April 5.

CBS News was the first to report on the White House meeting on Wednesday, with other U.S. media outlets such as the Associated Press and Bloomberg subsequently confirming the information from sources.

Expected attendees of the Oval Office meeting include Vice President JD Vance, Commerce Secretary Howard Lutnick, National Security Adviser Mike Waltz, and Director of National Intelligence Tulsi Gabbard.

During an interview on Air Force One on Sunday, Trump expressed his desire for TikTok to continue to exist, hinting that if the Chinese authorities approve the sale of TikTok, he might consider slightly reducing tariffs on Chinese goods.

In his first term, Trump attempted to ban TikTok citing national security reasons, but the action was blocked by the courts. His administration then tried to negotiate the acquisition of TikTok, which ultimately failed. During the presidential election last year, he changed his stance on the platform, stating that TikTok helped him gain more support from young voters.

If TikTok is not sold to an approved non-Chinese buyer by April 5, the originally scheduled ban will be reinstated. However, Trump has also mentioned that he is willing to further extend the deadline if necessary.

Both TikTok and ByteDance have not publicly commented on the negotiations. It is still unclear whether ByteDance has changed its position, as the company stated early last year that it had no intention to sell TikTok.

In recent months, several potential buyers have emerged. Possible investors include software company Oracle and investment firm Blackstone Group.

According to the Financial Times, venture capital giant Andreessen Horowitz is set to join the leading U.S. investment consortium led by Oracle. Sources familiar with the matter have indicated that this bidding plan has become the leading proposal ahead of the April 5 deadline.

Blackstone Group is considering teaming up with existing non-Chinese shareholders of ByteDance, such as Susquehanna International Group and General Atlantic, to bid for the acquisition of TikTok’s U.S. operations.

Reports have also mentioned that artificial intelligence startup Perplexity AI and other companies have expressed interest in bidding. In January this year, Perplexity AI submitted a merger proposal to ByteDance, aiming to merge Perplexity’s business with TikTok’s U.S. operations.

Other potential buyers include a consortium led by billionaire Frank McCourt, which has invited Reddit co-founder Alexis Ohanian to serve as a strategic advisor. The consortium has proposed a $20 billion acquisition of TikTok’s U.S. business and plans to redesign the platform with blockchain technology to enhance user data protection.

Jesse Tinsley, founder of payroll system company Employer.com, has also organized a consortium with Roblox CEO, offering over $30 billion.

In January, Trump mentioned that Microsoft is also interested in the acquisition. Other potential investors include former Treasury Secretary Steve Mnuchin and conservative video platform Rumble.