A billionaire investor seeking to buy TikTok’s U.S. operations says he remains in a holding pattern as another deadline approaches for the app’s Chinese owner to sell the platform or face a ban in the United States.
Investor Awaiting Clarity as Deadline Nears
Frank McCourt, whose investment group has expressed interest in acquiring TikTok’s U.S. business, told BBC News that no progress has been made as the latest deadline looms. The United States is expected to extend the deadline for a fifth time on Tuesday, according to signals from President Donald Trump.
McCourt said his group has secured financing and is prepared to proceed if a sale is approved, but added that there has been no indication that the moment to act has arrived.
Legal Background and National Security Concerns
TikTok was originally required to be sold or banned in the U.S. by January under legislation passed by Congress in 2024. Lawmakers argued that ByteDance’s ownership posed national security risks, citing concerns that the Chinese government could compel the company to provide access to U.S. user data.
TikTok and ByteDance have consistently rejected those claims. The law was signed by then-President Joe Biden and upheld by the U.S. Supreme Court in early 2025.
Conflicting Signals From Washington and Beijing
Trump and senior members of his administration have previously said a deal had been reached with approval from Chinese President Xi Jinping. Trump has also said that U.S. investors, including Oracle chairman Larry Ellison and Dell Technologies founder Michael Dell, would be involved.
Administration officials had suggested the sale would be finalized during a meeting between Trump and Xi in October. That meeting ended without an agreement, and neither ByteDance nor Chinese authorities have confirmed approval of a sale since then.
With no recent claims of a completed deal, analysts widely expect the U.S. government to extend the deadline again.
McCourt’s Proposal for TikTok’s Future
McCourt said he is concerned about the concentration of influence held by major social media platforms. He is part of an investor group that includes Reddit co-founder Alexis Ohanian and Canadian investor Kevin O’Leary.
He said his proposal would involve operating TikTok without Chinese-developed technology, including its recommendation algorithm. McCourt said his Project Liberty initiative has developed alternative systems that could replace the existing technology if a sale proceeds.
Featured image credits: Ivan Radic via Flickr
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