Trump confident TikTok won't face ban as US deadline looms

(NewsNation) — The Trump administration is confident that TikTok won't be taken offline Saturday, even as the United States' deadline to ban the app looms.

NewsNation has learned that about 50 companies are bidding to acquire the platform, which has nearly 136 million U.S. users.

President Trump remains optimistic, suggesting that a deal is imminent and China's government may ultimately give in.

"I think that China, maybe, will call and say we're upset with the tariffs and maybe they want to get something a little bit and get TikTok approved, who knows?" he said.

However, significant obstacles remain. ByteDance, TikTok's parent company, must secure a non-Chinese buyer or face a ban in the U.S., and China must agree to the sale.

ByteDance maintains that TikTok is not for sale and that the Chinese government would likely block any deal.

US open to China owning algorithm, report says

The Trump administration is reportedly working to structure the deal so that China maintains control over TikTok's algorithm, leasing it to a U.S. company, while still holding a minority ownership stake.

This could raise legal issues, as current laws bans "the establishment or maintenance of any operational relationship" between a U.S. app and any entities controlled by a foreign adversary, including cooperating on the operation of an algorithm.

Even if a deal is reached, potential buyers are demanding liability protection, worried that they could invest billions in the app only to face lawsuits from a new administration in four years.

Companies emerge as potential buyers

There are about five or six companies with stronger chances, if ByteDance decides to sell.

Financial journalist Cory Johnson told NewsNation's Connell McShane that Amazon, Oracle and Blackstone are leading contenders.

However, Oracle is seen as the most likely buyer due to its years-long relationship with TikTok, hosting U.S. user data on American servers.

If an agreement isn't reached by Saturday, TikTok could be banned, or Trump may decide to extend the delay of the ban a second time. The law does not technically allow for him to postpone it at all, but so far Congress has not pressed the issue.

U.S. officials are particularly concerned about the data of Americans using TikTok, given ByteDance’s ownership of the app.