A billionaire investor seeking TikTok’s US business says uncertainty still dominates as another deadline nears. The United States has postponed the forced sale of the app several times. Officials warn the platform could face a ban without a completed agreement. President Donald Trump appears ready to extend the deadline again on Tuesday. This step would mark the fifth delay since Congress passed the law.
Investor Frank McCourt said his group continues waiting for direction. He said the investors remain ready to act immediately. McCourt said the group already secured the required funding. He added that repeated delays prevent serious planning. The ongoing pause, he said, keeps buyers trapped in limbo.
Law Targets Ownership and Data Risks
Congress passed the legislation in 2024 and set January as the initial cutoff. Lawmakers argued Chinese ownership posed national security threats. They warned Beijing could pressure ByteDance to share American user data. Officials said those risks demanded urgent action. TikTok and ByteDance consistently rejected those claims. Company leaders said the accusations lack factual support.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the measure in early 2025. The ruling cleared the final legal obstacle. Despite that outcome, the administration delayed enforcement. Each extension fueled fresh political controversy.
Promised Agreement Fails to Appear
Trump and senior officials earlier claimed a deal was complete. They said Chinese President Xi Jinping supported the arrangement. Trump said experienced US investors would acquire the platform. He mentioned Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would formalise terms during an October meeting.
The meeting ended without an agreement. ByteDance never confirmed approval of a sale. Chinese authorities also remained silent. Officials now avoid saying a deal is close. Most analysts expect another extension.
Investors Question Platform Power
McCourt said concentrated power in social media worries him. He said platforms like TikTok strongly influence public opinion. 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 ownership that fully complies with US law. McCourt said his plan removes all Chinese technology. He said Project Liberty created alternative systems. Those systems include a new recommendation algorithm.
