A billionaire investor seeking TikTok’s US operations says uncertainty continues as another deadline approaches. The United States has postponed the forced sale of the app several times. Officials warn the platform could face a ban without an approved deal. 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 remains in a waiting position. He said the investors stand prepared to move immediately. McCourt said they already secured the funds needed for a purchase. He added that repeated delays prevent any strategic planning. The drawn-out process, he said, leaves buyers in limbo.
Security Concerns Shape Congressional Action
Congress passed the legislation in 2024 and set January as the initial deadline. Lawmakers argued TikTok’s Chinese ownership threatened national security. They warned Beijing could pressure ByteDance to hand over US user data. Officials said those fears justified a forced sale or ban. TikTok and ByteDance consistently rejected the accusations. Company executives said the claims lack factual support.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the legislation in early 2025. The ruling removed remaining legal obstacles. Despite that outcome, the administration delayed enforcement. Each delay fueled further political debate.
Promised Deal Fails to Materialise
Trump and senior officials previously said an agreement existed. They claimed Chinese President Xi Jinping approved the deal. Trump said experienced US investors would take ownership. He mentioned Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would formalise the deal during an October meeting.
That meeting ended without an agreement. ByteDance never confirmed approval of a sale. Chinese authorities also stayed silent. Officials now avoid claiming a deal is close. Most analysts expect another extension.
Investors Raise Influence and Control Issues
McCourt said concentrated power in major platforms worries him. He said short-form video apps strongly influence public opinion. He declined to name investors selected by the White House. McCourt works with a group that includes 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.
