The clock is ticking for TikTok as President Joe Biden signed legislation that could ban the popular app in the United States unless its Chinese parent company, ByteDance, sells it. With 170 million US users, TikTok has become a rising challenger to social media giants like Facebook-parent Meta. The prospect of a TikTok sale has sparked interest from tech companies, retailers, private equity firms, and investment bankers.
However, potential buyers face challenges, including opposition from China’s commerce ministry to any forced sale of TikTok. Established tech giants like Meta and Google may face antitrust concerns if they try to acquire TikTok. Analysts suggest that companies like Intel, Cisco, Oracle, Verizon, or AT&T may be better suited to acquire the app without triggering antitrust red flags.
Microsoft, which previously showed interest in buying TikTok in 2020, could have a renewed opportunity to strike a deal. Former Trump Treasury Secretary Steven Mnuchin has also announced plans to put together a team of investors to buy TikTok, despite his involvement in the Trump administration’s efforts to ban the app previously.
Other businessmen, like Kevin O’Leary, have also expressed interest in acquiring TikTok, with potential bids ranging from $20 billion to $30 billion. The future of TikTok and its potential buyers remain uncertain as the app faces a crucial decision on its ownership.