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Investing.com-- U.S. President Donald Trump said on Sunday that he has a group of buyers lined up to buy Chinese video-sharing app TikTok, just days after he extended a deadline for owner Bytedance to sell the platform.
Speaking in a Fox News interview, Trump said he had a “group of very wealthy people” who were ready to buy the platform. Trump said he would make an announcement in two weeks.
Trump also said that Chinese President Xi Jinping will “probably” approve the sale of the app.
Potential buyers for TikTok’s American arm, which is valued at about $50 billion, include Oracle (NYSE:ORCL) founder Larry Ellison, Microsoft (NASDAQ:MSFT), private equity giant Blackstone (NYSE:BX), venture capital major Andreessen Horowitz, as well as a group including popular Youtuber Jimmy Donaldson, known by his stage name MrBeast.
Tesla (NASDAQ:TSLA) CEO Elon Musk was also seen in the running for TikTok, but had later clarified that he had no interest in buying the app.
Trump had earlier in June extended a deadline for TikTok’s sale by three months to mid-September. This was the third such extension by Trump.
TikTok was set to be taken down in the U.S. in January, following a Congress vote last year to ban the social media app on concerns that it was stealing Americans’ data.
An earlier deal to sell TikTok to an American buyer had fallen apart earlier this year after U.S.-China relations collapsed due to Trump’s steep trade tariffs against the country.
But relations between the world’s biggest economies improved in recent months, especially after they agreed to a framework trade deal in May.