After a brief TikTok shutdown in the U.S., President-elect Donald Trump proposed that the United States take a 50% ownership stake in the Chinese-owned app to comply with a law mandating the divestment of its U.S. operations. Trump emphasized TikTok’s popularity among 170 million Americans, its role in connecting with younger voters, and the potential job losses if the platform ceased operations in the country. At a rally before his inauguration, he stated, “We have no choice. We have to save a lot of jobs,” asserting a desire to keep business from going to China.
At a rally in the Capital One Arena, President Trump explained that Congress granted him the authority to negotiate a deal regarding TikTok, which must divest from its Chinese parent company, ByteDance, by Sunday to avoid a ban due to national security concerns. Trump proposed a joint venture model, suggesting that if TikTok’s value depended on U.S. approval, then the U.S. should own 50% of the platform to maintain its worth. He expressed confidence that this approach would attract many bidders, asserting, “The United States will do what we call a joint venture.”
Trump clarified that the U.S. government would not provide funding but would instead grant approval for a deal involving TikTok. He expressed optimism about the financial prospects, asking the crowd for their opinion and asserting, “Whether you like TikTok or not, we’re gonna make a lot of money.” He also indicated that he would sign an executive order upon returning to the White House on Monday, allowing TikTok to continue operating in the U.S., although he did not provide specific details. This announcement comes after the Supreme Court upheld a bipartisan law signed by President Biden, which went into effect without intervention.