A billionaire investor pursuing TikTok’s US operations says uncertainty persists as a new deadline approaches. The United States has postponed the app’s forced sale 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 remains on standby. He said the investors are prepared to act immediately. McCourt said they already secured the funding needed for a purchase. He added that repeated delays prevent strategic planning. The prolonged uncertainty, he said, leaves buyers stuck in limbo.
Law Targets Security and Ownership Risks
Congress passed the legislation in 2024 and set January as the original deadline. Lawmakers said Chinese ownership created national security threats. They warned Beijing could pressure ByteDance to hand over US user data. Officials said those risks justified a forced sale or ban. TikTok and ByteDance repeatedly denied the claims. Company leaders said the accusations lack evidence.
President Joe Biden signed the law before leaving office. The Supreme Court upheld the legislation in early 2025. The ruling cleared the final legal obstacles. Despite that, the administration delayed enforcement. Each delay increased political pressure around the platform.
Earlier Deal Promises Fail to Materialize
Trump and senior officials previously said a deal was secured. They claimed Chinese President Xi Jinping supported the plan. Trump said experienced US investors would acquire the platform. He named Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell. Officials said leaders would formalize the deal during an October meeting.
That meeting ended without agreement. ByteDance never confirmed approval of a sale. Chinese authorities also remained silent. Officials now avoid suggesting a deal is near. Most analysts expect yet another extension.
Investors Raise Concerns About Platform Influence
McCourt said concentrated power in social media raises alarms. He said apps like TikTok strongly shape 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 developed alternative systems. Those systems include a replacement recommendation engine.
