TikTok, a social media platform owned by Chinese company ByteDance, has been at the center of controversy in the United States for the past four years. Concerns have been raised about the potential for user data to be accessed by the Chinese government, leading to a prolonged and complex debate. Just last month, the app experienced a temporary outage in the US, leaving millions of users uncertain about its future before it was quickly restored.

In a recent development, TikTok has returned to the App Store and Google Play Store in February, marking a significant milestone in its journey. However, the platform’s future remains uncertain, with several investors competing for the opportunity to purchase the app. According to estimates by CFRA Research’s senior vice president, Angelo Zino, TikTok’s US business could be valued at over $60 billion.

TikTok Ban: A Timeline of Events

To understand the complexities of this situation, it’s essential to revisit the timeline of TikTok’s tumultuous relationship with the US government, which has resulted in numerous legal battles and negotiations. The drama began in August 2020 when Trump signed an executive order to ban transactions with ByteDance, TikTok’s parent company.

A month later, Trump’s administration attempted to force a sale of TikTok’s US operations to a US-based company, with Microsoft, Oracle, and Walmart emerging as leading contenders. However, a US judge temporarily blocked Trump’s executive order, allowing TikTok to continue operating while the legal battle unfolded.

Following the transition to the Biden administration, the US House of Representatives passed legislation against TikTok in an overwhelming 360-58 vote. On April 23, 2024, the Senate passed the bill, marking a significant turning point in the TikTok saga.

Subsequently, President Joe Biden signed the bill requiring TikTok to be sold or banned. In response, TikTok sued the US government, challenging the constitutionality of the ban and arguing that the app and its American users were having their First Amendment rights violated. TikTok has consistently denied posing a security threat, asserting that its data stored in the US complies with all local laws.

Trump’s Change of Heart

In a surprising turn of events, on December 27, 2024, Trump opposed the potential ban of TikTok in a court filing, stating he could find a way to keep the app in the US. This stance marked a significant departure from his approach during his first presidency and presented a surprising turn of events for TikTok.

In January, the US Supreme Court upheld the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), commonly referred to as “the TikTok ban.” TikTok made a formal announcement that it would likely have to go dark on January 19.

TikTok’s Brief Shutdown and Return

Although TikTok indeed shut itself down in the US when the act came into effect, it didn’t last long. The app came back online less than 12 hours later, with the platform noting, “As a result of President Trump’s efforts, TikTok is back in the US.”

Current Status

On January 20, Trump signed an executive order that postponed the TikTok ban for 75 days, providing the app with additional time to either sell a stake in the platform or reach an agreement with Trump. His goal is to achieve a 50-50 ownership arrangement between ByteDance and a US company.

More recently, in early March, Trump told reporters that his administration was in talks with four different groups interested in buying the platform, per Reuters.

No definitive deal has been reached yet for the sale of the platform, but an announcement could be made soon.

Below is a list of the investor groups and companies rumored to be potential buyers of TikTok’s US operations. Notably, Elon Musk is not among them.

The People’s Bid for TikTok

The People’s Bid for TikTok is a consortium organized by Project Liberty founder Frank McCourt, who is also the former owner of the Los Angeles Dodgers. Investment firm Guggenheim Securities and the law firm Kirkland & Ellis are helping to assemble the bid. The main mission of The People’s Bid is to prioritize privacy and data control, taking an open source approach.

Notable supporters include:

• Alexis Ohanian: The Reddit co-founder is the most recent tech entrepreneur to join The People’s Bid, taking on the role of strategic advisor. He joined on March 3.

• Kevin O’Leary: A well-known investor and television personality who previously told Fox he was willing to buy TikTok for $20 billion. O’Leary joined The People’s Bid on January 6.
• Tim Berners-Lee: The inventor of the World Wide Web supports the proposal because “users should have an ability to control their own data,” Berners-Lee said in a statement.
• David Clark: A senior research scientist at the MIT Computer Science and Artificial Intelligence Laboratory, Clark has also been named a participant.

American Investor Consortium

Jesse Tinsley, the CEO and founder of Employer.com, is leading a consortium of American investors. Last month, Tinsley announced a $30 billion all-cash offer to acquire TikTok’s US operations.

• David Baszucki: Tinsley told Bloomberg that the Roblox co-founder and CEO is a participant.
• Nathan McCauley: The co-founder and CEO of crypto platform Anchorage Digital has been confirmed to be participating in the consortium, Bloomberg reported.

Other Interested Parties

• Bobby Kotick: The former CEO of Activision is reportedly interested in buying TikTok, potentially driven by the app’s gaming and social media integration capabilities.
• Steven Mnuchin: The former US Treasury Secretary has reentered discussions about the potential purchase of TikTok.
• Oracle: The company previously made a bid for TikTok in 2020 and has expressed interest in serving as the cloud technology partner for helping TikTok run in the US, as reported by The Information in March.
• Walmart: The retail giant could be eyeing TikTok to enhance its reach in e-commerce, given the platform’s influence on consumer shopping behavior. Walmart first expressed interest in 2020.
• Microsoft: The tech giant has previously shown interest in acquiring TikTok, and Trump mentioned that the company has recently reentered the bidding to buy the app.
• Rumble: The YouTube alternative announced on X that it wants to acquire TikTok and serve as its cloud technology partner.
• Perplexity AI: The AI search engine startup submitted a bid last month, according to CNBC.

The story has been updated after publication to include new interested parties.