President-elect Donald Trump addressed his supporters on Sunday, expressing his desire for the TikTok app, owned by a Chinese company, to have at least 50% ownership by American investors. Trump made this statement at a rally in Washington on the eve of his inauguration, stating that he would allow TikTok to remain operational in the United States with the condition that American investors own a significant portion of the app.
"I am granting approval on behalf of the United States, so they can have a partner — the United States," said Trump. He emphasized the importance of American ownership in TikTok, mentioning that the app's worth relies on obtaining approval to operate in the country.
Trump highlighted that TikTok faced the ultimatum of either being sold by its current Chinese owners, ByteDance, or facing a ban in the United States. Following Trump's announcement of an upcoming executive order for the platform's reactivation in the country, TikTok resumed its operations after a brief hiatus.
The President-elect hinted at the potential for TikTok to reach a valuation of a trillion dollars if the approval for increased American ownership is granted. He mentioned the possibility of TikTok engaging in a joint venture to enhance its value and attract offers from investors.
While the popular app was briefly inaccessible to users in the United States as a new U.S. law was set to take effect, Trump's intervention paved the way for TikTok's continued presence in the country, pending discussions regarding American ownership.
