ByteDance is reportedly preparing a backup plan as it faces a new deadline to find a buyer for its TikTok app in the US or face an outright ban.<\/p>\n
The Information <\/i>reported<\/a> on Sunday (July 6), citing sources, that TikTok is developing a standalone version of its social media app for US users.<\/p>\n The new app is scheduled to launch in US app stores on September 5, sources told The Information.<\/em><\/p>\n The reported development comes as ByteDance faces a new deadline to secure a deal for TikTok after US President Donald Trump\u00a0issued another 90-day reprieve<\/a>\u00a0for TikTok, signing an executive order to postpone the enforcement of a law that would force\u00a0ByteDance\u00a0to sell its TikTok US operations or face a ban in the market.<\/p>\n The latest extension pushes back ByteDance\u2019s deadline to September 17.<\/p>\n The Information <\/i>reports that current TikTok users in the US would eventually need to download the new version of the app to maintain access to the service, although the existing app will continue functioning until March 2026.<\/p>\n Last week, Trump disclosed<\/a> that he has secured a buyer for TikTok\u2019s US business, but declined to identify the group of purchasers, saying he will confirm the details within two weeks.<\/p>\n Speaking on\u00a0Fox News\u2019 Sunday Morning with Maria Bartiromo,\u00a0<\/i><\/a>Trump described the potential acquirer as \u201ca group of very wealthy people,\u201d without revealing their identities or the financial terms of the deal.<\/p>\n Trump told Bartiromo in the interview: \u201cWe have a buyer for\u00a0Tiktok<\/b>, by the way. I think I\u2019ll need probably China approval and I think President Xi [Jinping] will probably do it.\u201d<\/p>\n Just days after the interview, Bloomberg <\/i>reported<\/a>, citing a person familiar with the discussions, that the buyers cited by Trump are a group of investors<\/a> who were previously in talks with\u00a0ByteDance, including\u00a0Oracle<\/b>,\u00a0Blackstone<\/b>\u00a0and venture capital firm\u00a0Andreessen Horowitz<\/b>. Those talks broke down after Beijing withheld approval in the wake of Trump\u2019s decision to impose sweeping tariffs on Chinese goods.<\/p>\n Bloomberg\u00a0<\/i>said the talks with the consortium previously negotiated a structure that would give outside investors\u00a050%<\/b>\u00a0of TikTok\u2019s US business while reducing ByteDance\u2019s stake to below\u00a020%<\/b>, which would have been in line with the requirements of the divest-or-ban law<\/a>. As part of the agreement, ByteDance\u2019s existing US investors would own about\u00a030%<\/b>\u00a0of the company.<\/p>\n Any transaction would need to secure approval from both US and Chinese authorities.<\/p>\n