A billionaire investor pursuing TikTok’s US business says uncertainty dominates as another deadline nears. The United States has delayed the forced sale of the app multiple times. Officials warn a ban could hit American users without a deal. President Donald Trump appears ready to extend the deadline again on Tuesday. That move would mark the fifth postponement since lawmakers approved the measure.
Investor Frank McCourt said his group continues waiting for direction from Washington. He said the investors stand ready to act immediately. McCourt said the group already secured funding for a purchase. He added that the long pause leaves buyers unable to plan. The situation, he said, places investors in constant limbo.
Congress Acts as Security Fears Drive Policy
Congress passed the law in 2024 and set January as the original cutoff. Lawmakers said Chinese ownership posed national security risks. They warned Beijing could pressure ByteDance to share American user data. Officials said those concerns demanded decisive action. TikTok and ByteDance repeatedly denied the allegations. Company leaders said evidence does not support the claims.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the legislation in early 2025. The ruling cleared the final legal hurdle. Despite that decision, the executive branch delayed enforcement. Each delay intensified debate over the platform’s future.
Deal Claims Fade After Failed Summit
Trump and senior officials earlier said a deal was complete. They claimed Chinese President Xi Jinping supported the agreement. Trump said experienced American investors would take control. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would finalise terms during an October meeting.
The meeting ended without an agreement. ByteDance never announced approval of a sale. Chinese authorities also offered no confirmation. Officials now avoid suggesting a deal is close. Most analysts expect another extension.
Investors Warn About Platform Power
McCourt said concentrated power in social media raises serious concerns. He said platforms like TikTok strongly influence public debate. He declined to name investors favored by the White House. McCourt works with a group including Alexis Ohanian and Kevin O’Leary.
He said he hopes the platform either shuts down or sells legally. He wants owners who fully comply with US law. McCourt said his plan removes all Chinese technology. He said Project Liberty built alternative systems. Those systems include a replacement recommendation algorithm.
