United States President Donald Trump disclosed on Tuesday that he would consider Tesla CEO Elon Musk or Oracle Chairman Larry Ellison as potential buyers for TikTok, amid national security concerns.
During a press briefing to unveil a joint venture in Artificial Intelligence infrastructure, Trump responded affirmatively when asked if he would support Musk buying TikTok. “I would be if he wanted to buy it, yes,” Trump said. “I’d like Larry to buy it, too. I have the right to make a deal”.
The US President further stated,
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“The deal i think is this, I have met with the owners of TikTok, the big owners. It is worthless if it doesn’t get a permit. With a permit, it is worth like $1 trillion. So what I am thinking about saying to somebody buying it is, buy it and give half to the United States of America and we will give you the permit and have a great partner, the United States.
“That’s something more valuable and they have a very great partner because the United States will make it worthwhile for them in terms of permit. Think of it, you have an asset that has no value, or a $1 trillion value. It all depends on whether or not the United States gives the permits. So what I am saying is let the United States give the permit and the United States should get half.”
TikTok’s operation in the U.S. remains uncertain after Trump signed an executive order on Monday, granting the app a 75-day reprieve to operate in the country. The order temporarily suspends a ban upheld by the Supreme Court last week. Meanwhile, TikTok CEO Shou Chew was spotted at Trump’s inauguration on Monday, signaling ongoing discussions about the platform’s future. Chew’s relationship with Trump could be key to the app’s survival.
Analysts estimate TikTok’s U.S. business to be worth approximately $50 billion. That’s the valuation that CFRA Research Senior Vice President Angelo Zino has estimated for TikTok’s U.S, operations. Zino based his valuation on estimates of TikTok’s U.S. user base and revenue in comparison to rival apps,
Also, analysts at Bloomberg Intelligence have estimated TikTok’s worth to be around the range of $30 billion to $35 billion. This is the estimate they published in July last year, stating at the time that the value of the unit would be “discounted due to it being a forced sale.”
Bloomberg Intelligence analysts further noted that finding a buyer for TikTok’s U.S. operations that can both afford the transaction and deal with the accompanying regulatory scrutiny on data privacy makes the sale challenging. It could also make it difficult for a buyer to expand TikTok’s ad business, they wrote.
It is understood that a consortium of business people which includes American Business billionaire Frank McCourt and O’Leary Ventures Chairman Kevin O’Leary have put in a bid to purchase TikTok from ByteDance. O’Leary has previously said his group would be willing to pay up to $20 billion to acquire the U.S., assets without the algorithm.
Meanwhile, ByteDance has yet to confirm whether it plans to sell TikTok. The Biden administration argued that without a sale, TikTok could be used by China as a tool for spying and political manipulation. The company has however on several occasions, denied any influence by the Chinese Communist Party.