A billionaire investor pursuing TikTok’s US operations says uncertainty persists as another deadline approaches. The United States has postponed the forced sale of the app multiple times. Officials warn the platform could face a ban without a completed deal. President Donald Trump appears ready to extend the deadline again on Tuesday. This would mark the fifth delay since Congress passed the law.
Investor Frank McCourt said his group continues to wait for clear direction. He said the investors remain ready to act immediately. McCourt said they already secured the funding needed for a purchase. He added that repeated delays prevent effective planning. The prolonged uncertainty, he said, keeps buyers in limbo.
Security and Data Concerns Drive Legislation
Congress passed the law in 2024 and set January as the original deadline. Lawmakers said Chinese ownership posed national security risks. They warned Beijing could pressure ByteDance to hand over US user data. Officials said those concerns justified a forced sale or ban. TikTok and ByteDance repeatedly denied the allegations. Company leaders said the claims lack evidence.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the legislation in early 2025. The ruling removed the last legal obstacles. Despite that, the administration delayed enforcement. Each delay added political tension around the app.
Deal Hopes Fade After Failed Summit
Trump and senior officials previously said a deal had been secured. They claimed Chinese President Xi Jinping supported the plan. Trump said experienced US investors would take ownership. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would finalise the deal during an October meeting.
That meeting ended without an agreement. ByteDance never confirmed approval of a sale. Chinese authorities also remained silent. Officials now avoid suggesting a deal is near. Most analysts expect another extension.
Investors Caution on Platform Influence
McCourt said concentrated power in social media raises concerns. He said platforms like TikTok strongly shape public opinion. He declined to name investors backed 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 ownership that fully complies with US law. McCourt said his plan removes all Chinese technology. He said Project Liberty developed alternative systems. Those systems include a new recommendation algorithm.
