Despite the restoration, the law banning TikTok remains in effect. Trump has suggested extending the period before the law's prohibitions take effect to negotiate a deal for national security, potentially involving U.S. ownership of TikTok. Previously, Trump attempted to have TikTok banned or sold, with Oracle and Walmart nearly acquiring it. New potential buyers, including Perplexity AI Inc. and YouTuber MrBeast, have shown interest in TikTok's U.S. operations. A compromise involving partial divestiture could attract more serious buyers.
Key takeaways:
- TikTok services were restored in the U.S. following an intervention from President-elect Trump after a ban was implemented under the Protecting Americans from Foreign Adversary Controlled Applications Act.
- Oracle Corp. is assisting in restoring TikTok services, but Google and Apple have not yet restored TikTok to their app stores, pending an executive order from Trump.
- Trump has indicated a desire for the U.S. to have a 50% ownership position in a joint venture with TikTok as part of a long-term solution to national security concerns.
- Potential buyers for TikTok's U.S. operations include Perplexity AI Inc. and YouTuber MrBeast, with more serious buyers likely interested if a partial divestiture is required.