Overview

• President Trump said a group of “very wealthy people” will purchase TikTok’s U.S. arm and he will reveal their identities in about two weeks.
• He indicated the sale would require China’s approval and expressed confidence that President Xi Jinping will grant it.
• On June 19, Trump signed his third executive order extending the deadline to September 17 for ByteDance to complete a divestiture.
• Earlier negotiations to spin off TikTok’s American operations stalled this spring after Beijing withheld approval in response to U.S. tariff announcements.
• Lawmakers on both sides have backed the 2024 divest-or-ban law due to concerns over data privacy and national security.