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Trump Extends Deadline for US TikTok Sale to September

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U.S. President Donald Trump on Thursday extended the deadline to September 17 for ByteDance, the China-based parent company of TikTok, to divest the app’s U.S. assets. This extension comes despite a law requiring the sale or shutdown of TikTok in the U.S. without significant progress.

Trump signed an executive order delaying the original deadline, which was set for Thursday, by 90 days—a move he had previously indicated.

The Republican president had already granted two extensions earlier, postponing enforcement of a law that mandated TikTok’s sale or shutdown by January, unless significant progress was made toward divestment.

Trump has expressed a desire to keep TikTok operational in the U.S., noting the app helped him gain young voters in the 2024 presidential election. He also voiced optimism that Chinese President Xi Jinping would approve a deal preserving TikTok’s presence in the U.S., although it is unclear how much the issue has been discussed amid ongoing tariff disputes between the two countries.

TikTok released a statement expressing gratitude for Trump’s support in keeping the app available. The company said it is continuing discussions with U.S. Vice President JD Vance’s office.

White House spokeswoman Karoline Leavitt told reporters that the extension provides “more time to make a good deal.” She added that legal experts at the White House and Department of Justice support the extension’s legality.

On Tuesday, Trump had indicated he would likely extend the deadline and expressed hope for China’s approval of the sale. “I think President Xi will ultimately approve it,” he said.

The 2024 law required TikTok to cease operations in the U.S. by January 19 unless ByteDance had divested U.S. assets or made substantial progress toward a sale. Trump, who began his second term on January 20, chose not to enforce the law and previously extended the deadline twice: once to early April and again last month to June 19.

Earlier this year, Trump offered to reduce tariffs on China to facilitate a deal for TikTok’s U.S. operations, which currently serve 170 million Americans. A planned deal would spin off TikTok’s U.S. business into a new company majority-owned by U.S. investors but was paused after China indicated it would not approve it amid tariff tensions.

Some Democratic lawmakers argue that Trump lacks legal authority to extend the deadline and question whether the proposed deal would comply with legal requirements.

ByteDance Increases Valuation in Latest Share Buyback Amid TikTok Uncertainty

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TikTok parent company ByteDance is offering to buy back shares at an increased valuation, marking a positive shift in its financial outlook. The company has launched a new share repurchase program for its U.S. employees, with shares priced at $189.90 each, according to sources familiar with the matter. This represents an 11% increase from last year’s buyback price of $171 and an uptick from the $181 offer six months ago.

The revised valuation could place ByteDance’s total worth at approximately $315 billion, signaling recovery from its 2023 valuation decline. The share buyback highlights ByteDance’s robust financial standing, supported by its expanding domestic and international operations, despite looming regulatory challenges in the United States.

TikTok faces potential restrictions following U.S. Congress’ passage of a law requiring ByteDance to divest the platform by January 19 or risk a ban. The app, which has 170 million American users, briefly ceased operations in the U.S. before resuming after President-elect Donald Trump granted a 75-day delay to explore alternative solutions. Vice President JD Vance has been tasked with overseeing discussions between ByteDance and U.S. officials to find a path forward.

The ongoing uncertainty has prompted various high-profile figures to express interest in acquiring TikTok’s U.S. operations. Former Los Angeles Dodgers owner Frank McCourt is leading a bid backed by Reddit co-founder Alexis Ohanian. Another group, spearheaded by tech entrepreneur Jesse Tinsley, includes YouTube personality MrBeast (Jimmy Donaldson) and Wyoming businessman Reid Rasner.

ByteDance has not yet provided an official response regarding the buyback program or the ongoing negotiations over TikTok’s future in the U.S.

Trump Suggests Keeping TikTok in the US for the Time Being

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President-elect Donald Trump has expressed a preference for allowing TikTok to continue operating in the United States, citing the platform’s significant role in his presidential campaign. Speaking to a conservative crowd in Phoenix, Arizona, Trump remarked on the app’s success during his campaign, noting the billions of views he received on TikTok. These comments are the strongest indication yet that he opposes a potential U.S. exit for the popular social media platform.

Earlier in April, the U.S. Senate passed a law demanding TikTok’s Chinese parent company, ByteDance, divest the app, citing national security concerns. TikTok has fought this move in court, and the U.S. Supreme Court has agreed to hear the case. If ByteDance loses and no divestment occurs, the app may face a ban in the U.S. by January 19, just one day before Trump’s inauguration.

Trump, however, hinted that the situation might need to be reconsidered. He referred to the overwhelming response to his content on TikTok, saying, “Maybe we gotta keep this sucker around for a little while.” He also met with TikTok’s CEO on Monday and expressed a “warm spot” for the app due to its impact on his campaign’s visibility.

Despite Trump’s remarks, the U.S. Justice Department maintains that TikTok, under Chinese ownership, poses a national security threat. This position is widely supported by U.S. lawmakers. TikTok, however, defends its operations, asserting that user data is stored in the U.S. on servers run by Oracle Corp and that decisions about content moderation are made within the country.