TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data potentially being accessed by the Chinese government.
Earlier this year, the app experienced a temporary outage in the U.S. that left millions of users in suspense before it was quickly restored. TikTok returned to the App Store and Google Play Store in February.
A number of investors are competing for the opportunity to purchase the app, and if a deal were to go through, the platform’s U.S. business could have its valuation soar to upward of $60 billion, as estimated by CFRA Research’s senior vice president, Angelo Zino.
Following extensive discussions and after Trump extended the TikTok ban deadline for the fourth time, it seems that progress has been made. This week, a “framework” deal was reportedly established between the U.S. and China, with new information revealed indicating that a consortium of investors, including Oracle, Silver Lake, and Andreessen Horowitz, may oversee TikTok’s U.S. operations.
TikTok ban: What’s happened so far
To fully understand this high-stakes drama, we’ll first revisit the timeline of TikTok’s tumultuous relationship with the U.S. government, which resulted in various legal battles and negotiations.
The drama first began in August 2020, when Trump signed an executive order to ban transactions with parent company ByteDance.
A month later, Trump’s administration sought to force a sale of TikTok’s U.S. operations to a U.S.-based company. The leading contenders included Microsoft, Oracle, and Walmart. However, a U.S. judge temporarily blocked Trump’s executive order, allowing TikTok to continue operating while the legal battle unfolded.
Techcrunch event Join 10k+ tech and VC leaders for growth and connections at Disrupt 2025 Netflix, Box, a16z, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just some of the 250+ heavy hitters leading 200+ sessions designed to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch, and a chance to learn from the top voices in tech. Grab your ticket before Sept 26 to save up to $668. Join 10k+ tech and VC leaders for growth and connections at Disrupt 2025 Netflix, Box, a16z, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just some of the 250+ heavy hitters leading 200+ sessions designed to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch, and a chance to learn from the top voices in tech. Grab your ticket before Sept 26 to save up to $668. San Francisco | REGISTER NOW
Things began to progress even more last year following the transition to the Biden administration. The U.S. House of Representatives, in an overwhelming 360-58 vote, passed the legislation against TikTok. On April 23, 2024, the Senate passed the bill.
... continue reading