Overview

• President Trump told Fox News on Sunday that a group of “very wealthy people” is prepared to acquire TikTok’s U.S. operations, with buyer identities expected to be disclosed in about two weeks.
• The Protecting Americans from Foreign Adversary Controlled Applications Act compels ByteDance to divest TikTok’s U.S. arm by September 17 or face enforcement measures that would ban the app.
• Trump granted the third extension of the sell-or-ban deadline, moving it from June to September after the Supreme Court upheld the divestiture law in January.
• A proposed spinoff allowing ByteDance to retain a minority stake collapsed in April when new tariffs on China disrupted negotiations between U.S. investors and the administration.
• It remains unclear whether ByteDance will agree to sell and whether the Chinese government will greenlight any transaction, leaving TikTok’s U.S. future uncertain.