President Donald Trump announced on Fox News’ “Sunday Morning Futures with Maria Bartiromo” that a major update regarding the ownership of TikTok’s U.S. operations could be just two weeks away. Trump refrained from disclosing the identity of the prospective buyer, instead emphasizing that the process may require a final blessing from the Chinese government and President Xi Jinping.

“I think I’ll need probably China approval, and I think President Xi will probably do it,” Trump said, underscoring the geopolitical complexities entwined in the deal. The acquisition, if successful, is expected to have sweeping implications for the global technology landscape and escalating tensions between Beijing and Washington.

Background: National Security and TikTok’s Tumultuous Path in the U.S.

TikTok, owned by Beijing-based ByteDance, has remained at the center of a geopolitical storm since 2020, when U.S. lawmakers first raised national security concerns over potential data access by the Chinese government. Despite TikTok’s denials and repeated compliance efforts, the Biden and Trump administrations have both advanced initiatives to force a sale or ban the app if ByteDance does not divest its U.S. business.

In April 2024, President Biden signed a law mandating ByteDance sell TikTok’s U.S. operations by January 19, 2025, or face a nationwide ban on the app. This legislative action followed months of congressional debate and comes amid increased scrutiny of Chinese technology firms worldwide.

The U.S. government alleges that TikTok’s data access policies could expose American users’ information to Chinese authorities, a claim both ByteDance and TikTok have consistently denied. As of 2025, TikTok boasts approximately 170 million American users, representing a significant share of the social media market and influential younger demographics.

Who Could Be TikTok’s Next Owner?

While President Trump did not name the hopeful acquirer, speculation has mounted over the involvement of several prominent American technology and investment firms. Recent reporting from The Wall Street Journal and Reuters suggests that private equity powerhouse Apollo Global Management and tech firm Oracle—previously in talks to acquire TikTok in 2020—may be revisiting their interest.

Other heavyweights, such as Walmart and Microsoft, have also been cited as possible participants, either as lead buyers or as minority partners focused on supporting the infrastructure and operations of TikTok in the U.S. Any deal would likely require Treasury Department’s Committee on Foreign Investment in the United States (CFIUS) approval in addition to Chinese regulatory clearance.

Geopolitical Implications and Market Reactions

The looming sale has intensified the ongoing battle for global technology dominance between the United States and China. Beijing, for its part, has repeatedly expressed its opposition to a forced sale, calling it a violation of market principles and a dangerous precedent. China’s Ministry of Commerce previously signaled it would need to approve any technology export or transfer involving TikTok, specifically citing the recommendation algorithm considered central to TikTok’s global success.

U.S. lawmakers have framed the TikTok issue as a question of privacy, democratic values, and national security, while critics argue that the broader campaign against TikTok is motivated by protectionist interests and domestic political pressures. The issue has further polarized both domestic and international stakeholders, especially with the 2024 presidential elections and ongoing U.S.-China trade tensions as the backdrop.

On Wall Street, the prospect of a landmark sale has fueled volatility for companies with exposure to the broader tech and social media ecosystem. For instance, shares of Snap Inc. and Meta Platforms (Facebook and Instagram’s parent) have fluctuated as investors weigh TikTok’s uncertain future and the strategic repositioning of key social media players. Meanwhile, ByteDance remains the world’s most valuable private tech company, recently valued at over $220 billion in secondary markets, according to Bloomberg.

What’s at Stake for American Users and Creators?

For American TikTok users and creators, the looming potential for a sale—or a ban—brings significant uncertainty. TikTok has become a cultural touchstone for Gen Z and Millennials alike, revolutionizing content creation, digital marketing, and brand engagement across sectors. Influencers, small businesses, and major advertisers have scrambled to develop contingency plans as the app’s future hangs in the balance.

According to Insider Intelligence, U.S. digital ad spending on TikTok surpassed $8 billion in 2024, underscoring the platform’s commercial influence. Any extended service interruption or fundamental change in ownership could upend billions of dollars in marketing investments and freeze revenue streams for thousands of American creators.

The Road Ahead: Questions Remain

As President Trump’s remarks amplify anticipation, the fate of TikTok will depend not only on political will and regulatory hurdles, but also on shareholder interests, user reactions, and broader market dynamics. If an American-led consortium emerges as the buyer, negotiations are expected to intensify around valuation, technology transfer, and intellectual property rights.

The coming weeks could prove decisive for TikTok’s position in the American social media landscape and could have ripple effects on other foreign-owned digital platforms facing regulatory scrutiny. Stakeholders worldwide will be monitoring developments closely, with the outcome likely to set a precedent for global technology dealmaking and digital sovereignty.