Former President Donald Trump expressed support for Elon Musk or Larry Ellison acquiring TikTok, sharing new details on a potential deal to secure the popular social media platform's U.S. operations.
"I would be [in favour] if he wanted to buy it," Trump said of Musk, the owner of X, in response to a reporter’s question at the White House. He added, "I’d like Larry to buy it too," referencing Oracle chairman Larry Ellison, who stood beside him during a press conference announcing a $500 billion artificial intelligence infrastructure initiative.
Trump outlined a potential arrangement for the U.S. government to issue a "permit" in exchange for receiving half of TikTok. "I have the right to make a deal," Trump said. "So I’m thinking about telling somebody to buy it and give half to the United States of America, and we’ll give you the permit. They’ll have a great partner.”
Ellison responded positively, saying, "It sounds like a good deal to me, Mr. President."
The comments provide additional context to Trump’s earlier suggestion of a 50-50 "joint venture" to resolve TikTok’s ownership concerns. Since TikTok's parent company is based in China, any such deal would also require Chinese government approval.
On Monday, the president floated the idea of imposing tariffs on China if they don't approve a proposed buyer for TikTok's US assets. At a rally, he indicated that TikTok parent ByteDance would turn over half of the company so that he would allow it to keep operating.
"Whether you like TikTok or not, we’re going to make a lot of money," he said.
Ives expects 10-15 bids, with X owner Musk in the driver’s seat to win Beijing's approval. Oracle, he said, could be involved, given that it acts as a host for the social media platform. It could also go to a consortium that Musk could build.
On Sunday, Musk said on X, “I have been against a TikTok ban for a long time because it goes against freedom of speech. That said, the current situation where TikTok is allowed to operate in America but X is not allowed to operate in China is unbalanced. Something needs to change.”