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Senators Urge Trump to Support Congressional Plan for TikTok Sale Deadline Extension

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Three Democratic senators have called on President Donald Trump to seek congressional approval for extending the deadline for ByteDance, the Chinese parent company of TikTok, to sell a majority stake in the app to U.S. owners. This call comes amid ongoing concerns over a potential ban of TikTok in the United States.

Earlier this year, Trump unilaterally extended the original deadline from January 19 to April 5 by postponing the enforcement of a law requiring ByteDance to divest a majority stake to U.S. investors. Trump suggested that he may further extend this deadline to provide additional time to finalize a deal.

Senators Ed Markey, Chris Van Hollen, and Cory Booker expressed concerns about the legality and the long-term future of TikTok under the current non-enforcement stance, stating that the deadline extension should be handled through legislation passed by Congress. They urged Trump to back a proposal that would extend the deadline until October. The senators emphasized the need for a legislative solution, pointing out that TikTok is used by 170 million Americans and should not be left in limbo.

In response, the White House has yet to comment, but discussions have reportedly been focusing on a plan that would involve the largest non-Chinese investors in ByteDance increasing their stakes to take over the U.S. operations of TikTok. This move aims to dilute Chinese ownership, thereby addressing national security concerns regarding the app’s potential use in influence operations.

The fate of TikTok has been uncertain for months, with some reports suggesting that the Trump administration is working on a deal involving Oracle and other investors to take control of TikTok’s U.S. operations. The senators have called for clarity from Trump regarding the legal basis for any further extensions and whether the White House is in negotiations with Oracle to manage TikTok’s user data security.

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.

TikTok Users in Limbo as App’s Return to U.S. Stores Faces Legal Delays

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TikTok enthusiasts in the United States are anxiously awaiting the app’s return to the Apple and Google app stores, following a tumultuous period marked by legal uncertainties and executive orders. Despite being restored for use after a brief hiatus, TikTok remains unavailable for new downloads, leaving users frustrated.

Key Points:

  • App Still Missing from App Stores: Three days after TikTok was briefly pulled offline in the U.S., users who had deleted the app were unable to reinstall it. The app is still not available for download in the Apple and Google app stores as of Tuesday, caught in legal limbo by U.S. regulations and the two tech giants’ reluctance to bypass the ban.
  • Trump’s Executive Order and Legal Purgatory: U.S. President Donald Trump’s executive order on Monday delayed the enforcement of a ban on TikTok, allowing the app to continue operating in the U.S. for another 75 days. However, the order’s legality is unclear, and companies like Apple and Google are awaiting additional protections before resuming downloads.
  • Possible Sale of TikTok: Amid the ongoing uncertainty, talks regarding the potential sale of TikTok are intensifying. Trump has indicated he is open to discussions with prominent figures like Elon Musk and businessmen Kevin O’Leary and Frank McCourt, who are exploring ways to acquire the app. However, concerns about the legal framework surrounding such deals remain.
  • Mixed Reactions from Users: While some TikTok users are disillusioned by the involvement of Trump in the negotiations, others are eager for the app’s return. Creators have reported feeling confused and frustrated by the delays and legal complexities. Some have resorted to unconventional methods, like changing their location settings, in an attempt to regain access to the app.
  • Legal and National Security Concerns: U.S. lawmakers passed a law requiring ByteDance, TikTok’s parent company, to sell the app due to national security concerns, a ruling upheld by the U.S. Supreme Court. Despite this, there is growing pressure from both Republican and Democratic lawmakers for ByteDance to either sell or face a ban on the app.