A billionaire investor seeking TikTok’s US business says uncertainty persists as another deadline approaches. The United States has delayed the forced sale of the app several 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 action would mark the fifth delay since Congress approved the law.
Investor Frank McCourt said his group remains on standby. He said the investors stay ready to act immediately. McCourt said they already raised the capital needed for a purchase. He added that repeated delays block long-term planning. The drawn-out process, he said, keeps buyers in limbo.
National Security Concerns Drive the Law
Congress passed the legislation in 2024 and set January as the original cutoff. Lawmakers said Chinese ownership created national security risks. They warned Beijing could pressure ByteDance to provide access to US user data. Officials said those fears justified a sale or ban. TikTok and ByteDance repeatedly denied the accusations. Company leaders said the claims lack evidence.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the measure in early 2025. The ruling removed the final legal barrier. Despite that decision, the administration delayed enforcement. Each delay intensified political scrutiny.
Earlier Deal Claims Lose Credibility
Trump and senior officials earlier said a deal had been secured. They claimed Chinese President Xi Jinping supported the arrangement. Trump said experienced American investors would take control. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would finalise the deal during an October meeting.
The meeting ended without an agreement. ByteDance never announced approval of a sale. Chinese authorities also offered no confirmation. Officials now avoid suggesting a deal is near. Most analysts expect another extension.
Investors Warn About Platform Influence
McCourt said concentrated power in major platforms raises concerns. He said apps like TikTok strongly shape public opinion. He declined to identify 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 owners who fully comply with US law. McCourt said his plan removes all Chinese technology. He said Project Liberty developed alternative systems. Those systems include a replacement recommendation engine.
