TikTok's future in US remains uncertain as ban deadline nears
What's the story
TikTok is on the verge of getting banned in the United States, with April 5 being the decisive day.
This comes after the US Congress, under Joe Biden's administration, approved a ban last year.
The legislation noted that TikTok could only return to the US if its Chinese parent company, ByteDance, divested its stake in the country.
Executive order
Trump's executive order: A lifeline for TikTok
Upon taking office, President Donald Trump signed an executive order delaying the ban's enforcement until April 5.
However, as the date nears, TikTok's fate in the US hangs in the balance.
The Supreme Court upheld the original decision, leaving TikTok with two choices: divest or face a nationwide ban.
If ByteDance doesn't divest or doesn't sell to an approved buyer by April 5, a nationwide ban could be imposed.
Deal discussions
Trump hints at potential TikTok deal
Despite the looming deadline, President Trump has hinted that he is open to extending the order if necessary.
He recently suggested that a deal for TikTok could be imminent, saying his administration is in discussions with "four different groups" about the app.
However, no specifics were provided about these groups or their proposed deals.
Buyer interest
Potential buyers emerge as TikTok's future hangs in balance
Several potential buyers have come to the fore in the last few weeks, all competing for the app's ownership.
Perplexity AI suggested a merger with ByteDance in January, while a group of investors led by billionaire Frank McCourt has reportedly offered $20 billion for TikTok's US business.
Jesse Tinsley, Employer.com founder, has also formed a consortium, including Roblox CEO David Baszucki, offering over $30 billion for the platform.
Valuation
TikTok's US operations valued at $60 billion
Despite the uncertainty, investors are racing for a shot at buying the app.
TikTok's US business could be valued at more than $60 billion, Angelo Zino, CFRA Research's senior VP, said.
The high-stakes situation continues as different factions show interest in acquiring the platform ahead of the April 5 deadline.