TikTok's US future may be decided by April 5: Vance
What's the story
US Vice President JD Vance has expressed optimism over a possible deal for TikTok's future in the country.
Speaking to NBC News onboard Air Force Two, Vance said he expects a high-level agreement to be reached by April 5.
The deal would address national security concerns and establish an independent American version of TikTok.
Legislative actions
Biden's legislation and Trump's executive order
The future of TikTok in the US was thrown into uncertainty last year after ex-President Joe Biden signed a bipartisan legislation.
The law mandates ByteDance, TikTok's China-based owner, to sell the app to a non-Chinese buyer or face a nationwide ban.
President Donald Trump had inked an executive order on his first day in office, directing the Attorney General not to enforce the ban for 75 days, essentially offering TikTok till April 5 to find a new US buyer.
Negotiation details
Vance's role in securing a US-based buyer
Vance is now working with National Security Adviser Michael Waltz to find a US-based buyer for TikTok.
Although ByteDance has not confirmed any negotiations with potential American customers, or its willingness to sell TikTok to an American bidder, Vance hinted at a number of administrative issues that could push the finalization of an agreement past the deadline.
He stressed the importance of completing all paperwork on time.
Deal intricacies
Vance's insights on the complexities of the deal
Notably, Vance has a background in venture capital before entering politics. He acknowledged that larger deals often take months to finalize.
He expressed hope that an extension wouldn't be necessary and emphasized the complexity of creating legal documents for all investors, customers, and service providers involved in the deal.
Despite these challenges, Vance remains confident about reaching an agreement by early April.
Acquisition rumors
Speculations about potential buyers
Over the last few months, there has been speculation about possible buyers for TikTok, which has millions of users and is worth up to $50 billion.
Reid Rasner, a Wyoming entrepreneur and CEO of Omnivest Financial, disclosed last week that his bid was near this valuation at $47.45 billion.
Other contenders have also emerged as potential bidders for the popular app.