President Donald Trump says he has a buyer for TikTok.
In an interview with on Fox News’ Sunday Morning Futures with Maria Bartiromo that aired this past Sunday, Trump said that the deal will probably need Chinese government approval, but he thinks that China’s President Xi Jinping “will probably do it.”
Trump didn’t reveal who the buyer is, only that it’s a group of “very, very wealthy people,” adding that he plans to make an announcement in about two weeks.
The comments come about a little over a week after Trump signed an executive order granting the wildly popular social media app another 90 days to strike a deal to sell itself to a buyer deemed fit by US officials or face a federal ban. The newest extension pushes the deadline to Sept. 17.
The ban was originally set to take effect back in January, but has now been pushed back three times by Trump, who has both admitted a fondness for TikTok and repeatedly promised to not take the app away from Americans.
Both TikTok and the Chinese government have consistently opposed a sale of the company’s US operations, and it remains unclear if their positions have changed. In addition, in the months since Trump took office, his administration and China have become mired in a tariff war that has heightened tensions between the two countries and shaken global markets.
Read more: TikTok Backups: 6 Similar Apps for Your Daily Dose of Fun
Lawmakers in both political parties have long voiced concerns that TikTok could be a threat to national security and could be used by the Chinese government to spy on Americans or spread misinformation to further China’s agenda. TikTok continues to deny those accusations.
The law requiring the sale was passed by Congress last year with overwhelming bipartisan support and signed into law by former President Joe Biden. Free speech advocates and other groups sued to overturn the law on First Amendment grounds, but it was upheld by the Supreme Court in January.
So what’s next for TikTok? Here’s what you need to know.
Watch this: US vs. TikTok: What Happens Next
What does the law do?
The law aims to force ByteDance to sell TikTok to a buyer approved by American officials and guarantee that ByteDance no longer has access to US user data or control over the TikTok algorithm.
The company was given nine months to comply with the original Jan. 19, 2025, sale deadline, at which point the government could require the removal of its app from US app stores and demand that other tech companies stop supporting the app and website.
TikTok shut down in the US the night of Jan. 18, citing the ban, but came back online the next morning after Trump made assurances that he would not immediately enforce it. Trump later formalized that promise by signing an executive order that directed the attorney general not to enforce the ban for 75 days, effectively moving the deadline to April 5.
Shortly before that deadline, Trump issued the second 75-day executive order, saying “tremendous progress” had been made but no deal had been reached. That delay, which pushed the deadline to June 19, wasn’t unexpected.
Several potential bidders for TikTok’s US operations had made their interest known in the few days preceding it, and Trump had been meeting with administration officials to discuss possible deals and ownership structures.
Read more: TikTok Loves to Give Financial Advice. But Don’t Believe Everything You Hear
What is Trump’s take?
After initially calling for a ban during his first presidency, Trump said during his 2024 campaign that he was not in favor of one and pledged to “save TikTok,” though he didn’t specify how he’d do that. Shortly before signing the second extension, Trump told the press that “there’s tremendous interest in TikTok.” He added that he would “like to see TikTok remain alive” and said “we have a lot of potential buyers” and that his administration is “dealing with China,” which has long opposed a sale.
On March 26, the president mentioned he would consider lowering tariffs on Chinese goods if China approved a sale of TikTok’s US operations. At the time, he reiterated his willingness to push the deadline back if needed. Trump also has floated the idea of the US taking a 50% stake in the company as part of a joint venture, but hasn’t given specifics as to how that would work.
TikTok CEO Shou Chew was one of several high-profile technology executives to attend Trump’s inauguration in January, hours before Trump would sign the order granting the 75-day extension. Before that, during a news conference in December, Trump pointed to the role TikTok played during the election, crediting it with helping him pick up the votes of young people.
“TikTok had an impact, and so we’re taking a look at it,” Trump said. “I have a little bit of a warm spot in my heart. I’ll be honest.”
