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Another big feather in Elon Musk's cap? Tesla CEO and owner of X erstwhile Twitter may 'buy' TikTok's US business

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The FeedLast Updated: Jan 14, 2025, 08:37:00 PM IST

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Synopsis

TikTok's future in the US has come under spotlight as a possible ban looms large.

Elon Musk, one of the world's richest persons, may become potential buyer of TikTok as Chinese officials are exploring an option to sale, according to Bloomberg News.

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Although Musk is currently ranked as the world's wealthiest person, Bloomberg said it was not clear how Musk could execute the transaction, or if he would need to sell other assets.

The report, citing anonymous people familiar with the matter, outlined one scenario being discussed in Beijing where Musk's social media company X would purchase TikTok from Chinese owner ByteDance and combine it into the platform formerly known as Twitter. The report estimated the value of TikTok's US operations at between $40 and $50 billion.

However, TikTok on Tuesday labeled as "pure fiction" a report that China is exploring a potential sale of the video-sharing platform's US operations to billionaire Elon Musk as the firm faces an American law requiring imminent Chinese divestment, AFP reported.

The US Congress passed a law last year that requires ByteDance to either sell its wildly popular platform or shut it down. It goes into effect on Sunday -- a day before President-elect Donald Trump takes office.

The US government alleges TikTok allows Beijing to collect data and spy on users and is a conduit to spread propaganda. China and ByteDance strongly deny the claims.

TikTok has challenged the law, taking an appeal all the way to the US Supreme Court, which heard oral arguments on Friday.

FAQs

Q1. Has TikTok been banned in US?
A1. TikTok has been banned in the US.

Q2. Will Elon Musk buy TikTok?
A2. TikTok on Tuesday labeled as "pure fiction" a report that China is exploring a potential sale of the video-sharing platform's US operations to billionaire Elon Musk as the firm faces an American law requiring imminent Chinese divestment, AFP reported.

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