Billionaire investor Frank McCourt has said he remains in limbo as the latest deadline for the sale of TikTok’s US operations approaches, with President Donald Trump reportedly set to extend the deadline for a fifth time on Tuesday. McCourt told the BBC that his team is ready to proceed with the acquisition, but is waiting to see what happens next.
“We’re just standing by and waiting to see what happens,” McCourt said. “But if the moment arrives, we’re prepared to move forward… we’ve raised the capital to buy it – we’ll see.”
The short-form video app, owned by Chinese company ByteDance, was initially due to be banned or sold in the US in January under a law passed by Congress in 2024. Lawmakers raised concerns that TikTok’s links to the Chinese government could threaten national security, with fears that Beijing might access data on American users. ByteDance has consistently rejected these claims. The legislation, signed by then-President Joe Biden, was upheld by the Supreme Court in early 2025.
Previous discussions suggested a deal to transfer TikTok’s US operations to American investors had been largely agreed upon, with claims that Chinese President Xi Jinping had given his blessing. Trump had indicated that major investors, including Oracle chairman Larry Ellison and Dell Technologies’ Michael Dell, would be involved. A key meeting between Trump and Xi in October, however, ended without a formal agreement. Since then, neither ByteDance nor the Chinese government have confirmed approval for a sale.
Without clear progress, most analysts now expect another extension of the deadline. McCourt, who is part of a group of investors that includes Reddit co-founder Alexis Ohanian and Canadian entrepreneur Kevin O’Leary, expressed concern over the potential concentration of influence on platforms such as TikTok.
“My hope would be that whatever happens, that it is shut down or sold, and lands in the hands of people that comply with the law,” he said. McCourt also stressed that his plan, dubbed Project Liberty, would operate TikTok in the US without relying on any of ByteDance’s Chinese technology, including the app’s recommendation algorithm. He claimed that his team has developed alternative technology to replace it.
The US government’s repeated delays have left investors in a state of uncertainty, and the future of TikTok in the country remains unresolved. As the next deadline approaches, attention is focused on whether a sale will finally be approved or whether the platform will continue to face potential restrictions for American users.
McCourt’s comments highlight both the readiness of American investors to take over TikTok and the ongoing challenges posed by the complex negotiations with ByteDance and Chinese authorities.
