What Investor Groups and Major Companies Are Competing to Buy TikTok?
By Movieguide® Contributor
TikTok might have avoided the long-threatened ban from the US government, but its future in America is still up in the air, as many wonder who might step in and buy the app.
Shortly after taking office, President Trump put an extension on the order that would ban TikTok if it didn’t divest from its China-owned parent company. His goal is to reach a 50-50 ownership deal between parent company ByteDance and a US company. Now, many groups and individuals have thrown their hats in the ring as potential purchasers.
READ MORE: WAIT…TIKTOK ISN’T BANNED? WHAT TRUMP’S EXECUTIVE ORDER MEANS FOR PLATFORM
Two investor groups are frontrunners in the conversation — The People’s Bid For Tiktok and American Investor Consortium.
The People’s Bid for TikTok is organized by Project Liberty founder Frank McCourt, with help from investment firm Guggenheim Securities and law firm Kirkland & Ellis
“The main mission of The People’s Bid to acquire TikTok is to prioritize privacy and data control, taking an open source approach,” TechCrunch reported.
One of the group’s supporters includes Kevin O’Leary, who previously told Fox News “$20 billion’s on the table. Cash,” when it comes to buying the app.
The American Investor Consortium, led by Employer.com CEO Jesse Tinsley, has offered $30 billion in cash for TikTok. Members of their group include Roblox CEO David Baszucki and, reportedly, popular YouTuber MrBeast (Jimmy Donaldson).
“I just got out of a meeting with a bunch of billionaires, TikTok we mean business,” Donaldson said in a TikTok posted in January. “This is my lawyer right here, we have an offer ready for you, we want to buy the platform.”
Former U.S. Treasury Secretary Steven Mnuchin has also reentered discussions about potentially buying the app, while companies like Walmary and Microsoft are rumored to be interested in becoming TikTok’s new owners.
READ MORE: IT LOOKS LIKE MICROSOFT IS TIKTOK’S LATEST BIDDER
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