A billionaire investor interested in acquiring TikTok’s U.S. operations expressed his frustration over the uncertainty surrounding the app’s future as the deadline for its sale approaches. Frank McCourt, who has made preparations for the potential purchase, shared with BBC News that he is currently “in limbo” while awaiting a decision from the U.S. government regarding the popular short-form video platform.
The U.S. has postponed making a decision multiple times on whether ByteDance, TikTok’s Chinese parent company, must sell its American operations or face being blocked for users in the country. Speculation indicates that U.S. President Donald Trump may announce yet another extension of the deadline, which is set to be addressed again on Tuesday.
McCourt, who has rallied investment capital to facilitate the purchase, commented, “We’re just standing by and waiting to see what happens. But if the moment arrives, we’re prepared to move forward.” The sale or prohibition of TikTok is mandated by a law passed by Congress in 2024, which raises national security concerns over ByteDance’s connections to the Chinese government. The concerns include the possibility that Beijing could compel the company to divulge data on U.S. users, a claim TikTok’s leadership has consistently refuted.
The legislation was enacted under President Joe Biden and subsequently upheld by the Supreme Court in early 2025. Previous claims from Trump and his administration included assertions that a deal had been reached with the approval of Chinese President Xi Jinping, suggesting that a group of prominent U.S. investors—among them Oracle’s Larry Ellison and Dell Technologies’ Michael Dell—would oversee the acquisition.
Discussions of a formal agreement had anticipated a meeting between Trump and Xi in October, yet no resolution was achieved, and as of now, neither ByteDance nor Chinese authorities have confirmed any sales agreement, rendering the prospect of a deal seemingly distant.
Given the current situation, many analysts believe that another extension of the deadline is inevitable. McCourt expressed concerns about the concentration of power and influence linked to platforms like TikTok, highlighting the importance of ensuring that the app is eventually operated by entities adhering to U.S. laws. He is part of a coalition of investors that includes Reddit co-founder Alexis Ohanian and Canadian entrepreneur Kevin O’Leary.
In his vision for TikTok’s future, McCourt emphasized the need for the platform to operate independently of its Chinese technology, including its sophisticated recommendation algorithms. He mentioned that his initiative, Project Liberty, has developed alternative technologies that could potentially replace existing systems within TikTok. As the situation continues to unfold, the fate of the widely-used application remains uncertain, with McCourt and others poised to act if the opportunity arises.
