Trump Announces ‘Very Wealthy’ American Group’s Bid to Acquire TikTok

Former U.S. President Donald Trump revealed that a consortium of “very wealthy” American investors is poised to purchase TikTok, the Chinese-owned social media platform, to prevent a potential U.S. ban. 

Speaking at a Mar-a-Lago rally, Trump described the group as “patriotic business leaders” committed to preserving TikTok’s 150 million U.S. users and $16 billion 2024 revenue. The proposed $50 billion deal, aimed at addressing national security concerns raised by the Biden administration over ByteDance’s data practices, requires approval from the Committee on Foreign Investment in the United States (CFIUS).

The announcement recalls a failed 2020 Oracle-Walmart bid during Trump’s first term, which stalled over valuation disputes. Trump, who once pushed for a TikTok ban, now supports the acquisition, citing job preservation for 10,000 U.S. employees and economic benefits. 

The group, reportedly led by tech and real estate moguls, plans to relocate TikTok’s data servers to the U.S., addressing privacy fears affecting 70% of users, per 2024 surveys. Critics warn the deal could face regulatory hurdles, with Congress set to review it in Q3 2025. Supporters, including 50% of TikTok’s U.S. creators, argue it will protect a platform generating $2 billion in ad revenue.