Private equity giant Blackstone has withdrawn from the consortium seeking to acquire TikTok’s U.S. operations, a move that casts fresh doubt on President Donald Trump’s repeated assurances that a deal is within reach.

A source familiar with the matter told Reuters on Friday that Blackstone’s exit comes amid prolonged delays and heightened uncertainty surrounding the transaction. The New York-based firm had planned to take a minority stake in TikTok’s U.S. business, as part of a Trump-endorsed consortium that includes Susquehanna International Group, General Atlantic, and other institutional investors. The group had emerged as the leading bidder for TikTok’s U.S. operations, with a proposed structure under which U.S. investors would own 80% of the business, while ByteDance, TikTok’s Chinese parent company, would retain a minority stake.

Despite Trump’s insistence that he has found “very wealthy buyers” for the embattled app and that negotiations are progressing, Blackstone’s withdrawal serves as a stark reminder that the deal remains mired in legal, political, and diplomatic limbo.

ByteDance is under pressure to divest TikTok’s American operations following the passage of a federal law in April 2024 mandating a sale or shutdown of the popular video platform in the U.S. by January 19, 2025. The law, signed by Trump, cited national security concerns over Chinese access to Americans’ data. Since then, Trump has signed three executive orders, most recently pushing the deadline to September 17, further frustrating lawmakers who view the repeated extensions as a violation of both the spirit and the letter of the law.

Trump, however, has framed the delay as a tactical necessity in ongoing trade negotiations with China. The President told reporters earlier that he would “personally speak to President Xi Jinping” about the TikTok situation, suggesting the deal has now become a bargaining chip in broader U.S.-China trade talks.

However, the obstacles are not limited to Washington. In Beijing, officials have signaled their disapproval of any forced divestiture, particularly one seen as caving to U.S. pressure. China previously amended its export regulations to require government approval for the transfer of certain technologies, including content recommendation algorithms—TikTok’s crown jewel—further complicating the prospect of a clean sale.

ByteDance has explored a variety of options to resolve the standoff, including spinning off TikTok’s U.S. operations into a new American-based entity. Talks around this idea gained traction earlier this spring but were suspended after Trump imposed steep new tariffs on Chinese imports, sparking another round of tensions that stalled any immediate path forward.

The investor group still includes heavyweights such as KKR, Andreessen Horowitz, and Oracle, which has long expressed interest in a stake. However, it is unclear whether these firms remain committed following Blackstone’s withdrawal. One source close to the matter said several investors are “reassessing their positions” amid growing uncertainty over the structure of the deal and whether China would approve it at all.

For TikTok, the stakes are enormous. The app remains wildly popular in the U.S., with over 150 million users, but its long-term future in the market now hinges on a political resolution. ByteDance, which generated $43 billion in revenue in Q1 2025, recently surpassed Meta in quarterly earnings, according to Reuters. Yet the company may be forced to relinquish one of its most valuable global assets—or risk losing access to the U.S. market entirely.

In the meantime, TikTok is said to be developing a U.S.-specific version of the app, an effort to ringfence its American operations from Chinese oversight. However, with the deal’s structure still in flux and Blackstone’s exit raising questions about investor confidence, the app’s future remains anything but certain.

While Trump has continued to maintain that a sale will happen, Blackstone’s withdrawal reinforces what many observers already suspect: the TikTok deal is stalled, and its fate is now tangled in a web of politics, trade warfare, and deepening investor doubt.

Bitcoin reached a new all-time high of $122,838 on Monday, briefly pushing its market capitalization above $2.4 trillion, and for a moment, making it more valuable than Amazon. The rally marks a nearly 100% increase since July 2024, and has catapulted Bitcoin into the ranks of the world’s top five most valuable assets.

The surge coincided with a pivotal moment in Washington, as the U.S. House of Representatives passed three landmark cryptocurrency bills: the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act. The trio of legislation was approved as part of what House leaders dubbed “Crypto Week,” aimed at reshaping how digital assets are treated in the American financial system.

“These pieces of legislation further the President’s pro-growth and pro-business agenda and provide a clear regulatory framework for digital assets,” said House Majority Leader Steve Scalise, underscoring Republican enthusiasm for the bills.

President Donald Trump signed the GENIUS Act into law on Friday, July 18, following its earlier approval by the Senate. This marked a historic step in the integration of cryptocurrencies into traditional finance and reinforced Trump’s evolving posture as a champion of the crypto industry.

“I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that’s what we’ve done,” Trump said during a signing ceremony for the GENIUS Act at the White House.

The GENIUS Act, which passed the House in a 308–122 bipartisan vote, lays the foundation for a regulated stablecoin market, mandating 1:1 reserves and independent audits. The CLARITY Act delineates federal agency jurisdiction over crypto assets, addressing years of ambiguity that have fueled lawsuits between the SEC and major exchanges.

Meanwhile, the Anti-CBDC Surveillance State Act, which narrowly passed by 219–210, bans the Federal Reserve from issuing a central bank digital currency (CBDC), amid growing privacy concerns among conservatives and libertarian lawmakers.

In a now-deleted Truth Social post earlier in the week, Trump claimed to have personally met with “11 of the 12 Congressmen/women necessary to pass the GENIUS Act” to secure final support. Though the details of that meeting remain unverified, multiple reports confirm Trump took an active role in lobbying holdouts, positioning the legislation as a win for innovation and American competitiveness.

The ripple effect in the markets has been dramatic. Bitcoin’s price has far outpaced even the broader equities market, which itself is hovering near record highs. Ethereum, XRP, and Solana also posted strong gains as investors celebrated what appears to be the clearest legislative signal yet that the U.S. is ready to embrace digital assets.

While the market rejoiced, some lawmakers were less enthusiastic. Rep. Maxine Waters sharply criticized the GENIUS Act, calling it a “Trojan horse for deregulation” that endangers consumers. She warned that the bill strips the Federal Reserve of sufficient oversight, and that it may allow stablecoin issuers to operate like shadow banks under state supervision.

Yet for crypto’s biggest backers, this week delivered the certainty they had long lobbied for. Forbes estimates that the biggest billionaire winners over the past year include prominent Bitcoin holders, although Changpeng Zhao, crypto’s richest individual and founder of Binance, appears to hold little or no Bitcoin himself. The Forbes Billionaires List also noted that Bitcoin’s sharp rise has led to a massive jump in the net worth of several U.S.-based crypto investors, venture capitalists, and early adopters.

The passage of these laws may also benefit Trump personally. Earlier this year, his investment vehicle World Liberty Financial launched a U.S.-based stablecoin named USD1, which Forbes has valued at more than $100 million. While there is no confirmed link between the legislation and USD1’s market performance, insiders estimate its value has surged by more than 30%, adding tens of millions to the president’s net worth. However, these estimates remain speculative and unverified by independent financial disclosures.

Even so, the broader message is clear: Washington is no longer ignoring crypto. With Bitcoin leading the charge and policy finally catching up to innovation, a new chapter has opened for digital finance in the U.S.

The landscape of business has been profoundly reshaped by technology, geopolitics and other factors, enabling new variants of business models. These models move beyond traditional revenue generation, emphasizing agility, foresight, and a keen understanding of interconnected value streams. Companies that succeed today often leverage a visible “oasis” product or service to support a less apparent, yet highly profitable, core. This strategic approach allows them to adapt quickly to market shifts and unlock new avenues for growth. More than 80% of leading technology web companies utilize one business model!

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