TikTok, China’s gigantic social media app with 170million active users in the US, might soon be in an American company’s hands.
While no company has signed an official deal, Wall Street is leaving bread crumbs about who could be the owner.
On Friday, President Donald Trump hailed what he called progress on a TikTok deal with Chinese President Xi Jinping, after the leaders both spoke on the phone for two hours.
On Truth Social, Trump said they ‘made progress on many very important issues,’ including ‘the approval of the TikTok deal.’
Trumps announcement gave Oracle, the rumored leader in any deal, a two percent stock pop.
This month, the tech company’s share price has risen 28 percent, enough to make its co-founder Larry Ellison temporarily become the world’s richest man, with a net worth of $382billion.
A deal for TikTok could again propel him past Elon Musk.
Silicon Valley venture capital firms Andreeson Horowitz and Silver Lake are also rumored to be in on the deal.
TikTok, the massive Chinese social media app with 170million active users in the US, is likely inching closer to a deal – Wall Street has jumped on some of the likely new owner’s stocks
President Trump and Chinese leader Xi Jinping ended a two-hour phone call – Trump said the conversation ended with ‘progress’ on a deal for TikTok
Trump’s post-phonecall Truth Social gave Oracle’s stock another boost – it has been up 28 percent in the past month, making its co-founder, Larry Ellison, one of the world’s richest men
Chinese state media reported that its officials gren lit plans to ‘properly resolve’ the social media’s release to American companies.
A spokesperson for ByteDance, the China-based parent company, said any deal will ‘ensure TikTok remains available to American users through TikTok US.’
TikTok’s ban has been put off for nearly a year by the Trump administration.
In 2024, former President Joe Biden signed a bipartisan law that was supposed to put TikTok on the market or face removal from the US market, after lawmakers claimed it was a national security threat.
The law required ByteDance to divest for it to continue operating in the US.
The Supreme Court said the law was constitutional, giving the forced sale a green light.
But the Trump administration has repeatedly delayed the banning. They postponed the app’s removel on Wednesday again to give negotiators more time to strike a deal.
On Monday, Treasury Secretary Scott Bessent announced that American and Chinese officials reached a framework for a TikTok deal.
Bessent, who met with Chinese Vice Premier He Lifeng in Madrid, said the agreement was made with Trump’s guidance and involvement.
The Treasury secretary also said that his Chinese counterparts made some ‘aggressive asks’ during the negotiation.
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