China Plans Selling TikTok To Elon Musk

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Elon Musk would purchase TikTok’s U.S. under a plan being considered by the Chinese government to prevent the app from being essentially blocked, according to a Bloomberg News story. China is considering several options, including this contingency plan.

The Supreme Court decides whether to enforce a law requiring ByteDance, a Chinese company, to sell off TikTok’s U. S. business by January 19, according to the report, which was based on unnamed sources. Third-party ISPs who support TikTok’s nationwide operations would face penalties after that deadline. Musk would be in charge of TikTok’s U.S and X, which he currently owns, under the plan.

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The report noted that the plan is still preliminary and that Chinese government officials have not fully decided. According to the report, it’s unclear if ByteDance is aware of the Chinese government’s plans or TikTok and Musk’s involvement in the talks.

According to the report, top Chinese officials are discussing backup plans for TikTok’s future in the United States as part of broader conversations about collaborating with Donald Trump.

The Supreme Court heard oral arguments last week regarding the law that President Joe Biden signed in April that could ban TikTok. TikTok’s legal team argued it infringes on millions of users’ right to free speech in the United States.

According to the U.S. government, ByteDance’s ownership of TikTok threatens national security. Trump, who supported a TikTok ban during his first administration, has since changed his mind on the issue, so TikTok may turn to him when his second term starts on January 20.

The Supreme Court seems to be siding with the government. Trump asked the Supreme Court to step in and forcefully postpone Biden’s ban’s implementation late last month so he could find a “political solution.”.

Trump’s rhetoric on TikTok started to change following his February meeting with billionaire Jeff Yass, a Republican megadonor and significant investor in ByteDance who also holds stock in the owner of Trump’s social media firm.

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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