Social media giant TikTok is facing a shutdown unless China-based ByteDance finds a buyer for its US operations.
Enter Elon Musk?
According to news sources, Chinese officials are in preliminary talks about Musk, the X CEO and Tesla founder, snapping up TikTok ahead of the Jan. 19 federal ban.
Musk has also been tapped to lead a new government agency under Donald Trump’s administration, which starts one day after the ban goes into effect.
The U.S. government has ordered TikTok shut down or sold in response to national security concerns.
The U.S. Supreme Court heard arguments Friday on the First Amendment implications of the law banning TikTok. A ruling is expected soon.
ByteDance has said it will start the process of shutting down TikTok’s U.S. operations by Jan. 19 if the Supreme Court doesn’t delay or overturn the ban.
There have been several interested buyers in TikTok’s U.S. operations, such as Kevin O’Leary from Shark Tank or billionaire Frank McCourt, none of which have materialized.
Some news reports have suggested Musk could wrap the U.S. arm of TikTok into his X platform and run the businesses together.
TikTok reportedly dismissed the Musk news as “pure fiction.”
Why is TikTok getting banned?
Last year, Congress passed a law that forces TikTok’s parent company, ByteDance, to sell its U.S. operation, or face a nationwide ban. They say ByteDance’s ties to China is a national security risk if user data is shared with the Chinese government.
China’s government has a “golden share” in ByteDance, but the firm insists Chinese officials have “no bearing on ByteDance’s global operations outside of China, including TikTok.”
