President Trump has signed an executive order granting TikTok a 75-day extension to comply with a law mandating a sale or ban of the platform. During this period, the US will not enforce the law passed by Congress and signed by former President Joe Biden.
In a statement to reporters in the Oval Office, Trump mentioned, Every rich person has called me about TikTok. When asked by a reporter about his change of stance since attempting to ban TikTok in 2020, Trump replied, Because I got to use it.
He suggested the potential of a joint venture to operate the company, aiming for a 50-50 partnership between the United States and its Chinese owner, ByteDance, without elaborating on the specifics of such an arrangement.
Trump also hinted at the imposition of new trade tariffs on China if no agreement is reached for the platform. Rejecting a deal would, according to him, constitute a "hostile act" on China's part.
Despite this development, TikTok remains unavailable for download from Apple and Google app stores. The Biden administration has contended that TikTok might be exploited by China for espionage and political influence.
Advocates against a ban have invoked concerns over freedom of speech to maintain the platform's accessibility. ByteDance, TikTok's parent company, had previously disregarded a law mandating the divestment of its US operations to evade a ban.
Trump advocated for the platform's ban during his initial presidential term, setting him apart from numerous members of Congress from his party.
Republican Senator Tom Cotton cautioned on X that any entity associated with the "communist-controlled TikTok" could face substantial fines, suggesting potential legal liabilities beyond the Department of Justice to include securities law and shareholder litigations.
TikTok's CEO Shou Zi Chew was present at Trump's inauguration, alongside other tech giants like Elon Musk, Mark Zuckerberg, and Jeff Bezos. Meanwhile, YouTube personality MrBeast hinted at a significant offer to acquire TikTok.
Numerous companies, billionaires, and celebrities, including Musk and Shark Tank investor Kevin O'Leary, have shown interest in purchasing TikTok.