The future of TikTok hangs in the balance as high-profile figures, including Elon Musk and Frank McCourt, express interest in acquiring the social media platform. This development follows President Donald Trump's recent suggestion of a joint venture for TikTok, as concerns about its Chinese ownership and potential national security risks persist. The Biden administration's handling of legislation that gives the president significant control over TikTok's ownership has prompted criticism from experts like Professor Chander. Meanwhile, discussions about potential buyers continue, with several billionaires and corporations vying for the opportunity.
Elon Musk has emerged as a potential buyer, expressing his willingness to purchase TikTok and proposing a 50-50 joint ownership model. On X (formerly Twitter), Musk stated that such an arrangement could "save TikTok, keep it in good hands and allow it to [stay up]." He also highlighted the imbalance of TikTok's operation in the U.S. while X is not permitted in China, calling for change. Reports indicate that China is considering selling TikTok to Musk, adding a layer of complexity to the negotiations.
Frank McCourt, a billionaire investor, has also shown interest in acquiring TikTok through his initiative, Project Liberty. However, McCourt has emphasized that his bid does not include TikTok's proprietary algorithm, which he believes diminishes the platform's value. Project Liberty aims to purchase TikTok without relying on Chinese technology, aligning with McCourt's vision of data sovereignty.
Oracle, one of TikTok's main server providers, has been a key player in the platform's infrastructure by managing its data centers. Oracle was a leading contender to buy TikTok in 2020 when Trump sought to ban the app. Despite being a major force in cloud computing, Oracle ultimately did not proceed with acquiring TikTok at that time.
In 2022, then-President Joe Biden signed a law mandating ByteDance, TikTok's China-based parent company, to sell the platform by January 19 or face a ban in the U.S. This legislative move was intended to mitigate national security concerns stemming from TikTok's links to the Chinese government. As discussions around ownership continue, Professor Chander suggests that this law may need revision if Musk's proposed joint ownership model gains traction.
Billionaire investor Frank McCourt has publicly discussed his interest in buying TikTok. Through various media interviews, he has articulated his vision for the platform's future under his stewardship. Meanwhile, Jimmy Donaldson, popularly known as MrBeast, has also shared his intention to acquire TikTok with his vast online following.
President Trump has been vocal about potential buyers for TikTok, expressing his openness to Elon Musk's interest by saying, "I would be if he wanted to buy it, yes." Additionally, he mentioned his preference for Larry Ellison of Oracle as a potential buyer by stating, "I'd like Larry to buy it, too." Trump's comments suggest a willingness to see the platform remain under American influence.
Moreover, the Biden administration faces scrutiny for what Professor Chander calls an "unforced error" by allowing legislation that inadvertently grants the president excessive control over TikTok's ownership. This criticism underscores the need for a balanced approach to address national security concerns while ensuring fair business practices.