Trump considering another reprieve for TikTok, as potential buyer denies intent to proceed with acquisition?

In the ever-evolving world of social media, one platform has found itself in a precarious position—TikTok. The popular video-sharing app, owned by Chinese company ByteDance, is facing a potential ban in the United States due to its Chinese origins.

The controversy surrounding TikTok has reached the highest levels of government, with the Supreme Court recently ruling that the risk to national security posed by TikTok's ties to China overcomes concerns about limiting free speech. This decision came in response to the "Protecting Americans from Foreign Adversary Controlled Applications Act," a law signed into law on April 24th, 2020, which requires TikTok to divest or face a ban.

As the deadline for TikTok to sell its stake in the app to a U.S. entity approaches on January 19th, 2025, the pressure is mounting. Republican senators are reportedly growing impatient with President Trump's extensions of the deadline, and Texas has become the latest state to pass a law banning foreign adversaries from buying real estate.

However, ByteDance is not giving up without a fight. The company is reportedly planning to offer a new version of TikTok for US users instead of selling the app. This proposed solution has met with scepticism, with Kevin O'Leary, Chairman of O'Leary Ventures, finding the idea laughable and believing it has zero probability of success. O'Leary, who has presented a bid to take control of TikTok, referred to the app as 'spyware' in a recent interview and sees the new version as a Trojan horse.

The White House has also weighed in on the matter, with President Trump planning to sign an Executive Order this week delaying the TikTok ban for another 90 days. This move comes after the Commerce Secretary, Howard Lutnick, stated that if China does not approve a deal for TikTok US's sale by mid-September, TikTok may go dark.

Despite the ongoing uncertainty, the app stores that carry TikTok have been given a temporary pass by the White House. However, the fate of TikTok remains unclear, with both sides dug in and the clock ticking. As the deadline approaches, it seems that the future of TikTok in the United States hangs in the balance.