Billionaire investor Frank McCourt has told the BBC that he and other potential buyers of TikTok’s US operations are in limbo as the latest sale deadline approaches.
The US government has repeatedly postponed the date by which TikTok’s Chinese owner, ByteDance, must sell its American operations or face a ban. President Donald Trump appears poised to extend the deadline for a fifth time on Tuesday.
"We're just standing by and waiting to see what happens," McCourt said. "But if the moment arrives, we're prepared to move forward… we've raised the capital to buy it - we'll see."
The short-form video app was initially due to be sold or banned in the US in January under a 2024 law citing national security concerns over ByteDance’s links to the Chinese government. Lawmakers feared Beijing could force the company to hand over US user data, a claim TikTok has consistently denied.
Trump and his administration previously claimed a TikTok deal was finalized with the approval of Chinese President Xi Jinping, involving US investors such as Oracle chairman Larry Ellison and Dell founder Michael Dell. However, a planned October meeting between Trump and Xi concluded without an agreement, and no official approval for a sale has been announced.
Most analysts now expect another extension is likely. McCourt, part of a group including Reddit co-founder Alexis Ohanian and Canadian investor Kevin O’Leary, expressed concern over "a concentration of power and influence because platforms like TikTok are very influencing."
"My hope would be that whatever happens, that it is shut down or sold, and lands in the hands of people that comply with the law," he added. McCourt intends to operate TikTok without using Chinese technology, including its recommendation algorithm, using alternatives developed by his Project Liberty.
Bd-pratidin English/ Jisan
