President-elect Donald Trump has announced his intention for TikTok, the Chinese-owned short-form video app, to be at least 50% owned by U.S. investors. Speaking at a rally in Washington on Sunday, the eve of his inauguration, Trump stressed the app’s value depends on government approval.
“TikTok is worth nothing, zero without an approval. If you do approve, they’re worth like a trillion dollars,” Trump said. He added that the U.S. will become a partner in TikTok through a joint venture, ensuring significant U.S. ownership.
On Sunday, TikTok briefly blocked access for U.S. users for about 12 hours. This disruption was due to a new law requiring TikTok’s Chinese parent company, ByteDance, to sell the app or face a ban. Service restoration began after Trump assured service providers they would not face penalties, allowing TikTok to resume operations.
TikTok confirmed this in a statement on X, formerly Twitter, thanking Trump for his assurances. “We thank President Trump for providing the necessary clarity and assurance to our service providers,” TikTok stated. The company also expressed a commitment to working with Trump on a long-term solution to keep TikTok in the U.S.
Trump also announced plans to issue an executive order on Monday, his inauguration day, to extend the timeline before the law’s prohibitions take effect.
He also hinted at his personal interest in keeping TikTok operational, noting its importance for broadcasting his inauguration.
