Another contender has joined the starting line as the race starts to buy TikTok and save it from closure.
The latest person to take their mark is YouTube star and one of the world’s highest earning creators, MrBeast.
According to reports, MrBeast has teamed up with tech entrepreneur Jesse Tinsley, who is the founder of the online HR company employer.com. They are taking on rival bids from a team including Kevin O’Leary of Shark Tank fame and there are also rumors that Trump’s new best friend, Elon Musk, might throw his hat in too.
All-Cash Bid for TikTok
The Guardian is reporting that MrBeast – whose real name is Jimmy Donaldson – has made a formal bid for the Chinese-owned social media platform. He has partnered with Tinsley and they have offered an all-cash bid.
The confirmation came from US law firm, Paul Hastings, which says that alongside 26-year old Donaldson and Tinsley are a group of “institutional investors and high-net-worth individuals” although they are not named. The statement is short and sweet, and doesn’t detail how much the bid is nor any time frames.
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Interestingly, adds the newspaper, the lead lawyer on the bid is Brad Bondi, who is the brother of Trump’s choice as US attorney general, Pam Bondi.
Donaldson had flagged his interest earlier this month, writing on X: “I’ll buy TikTok so it doesn’t get banned.” He later added on TikTok that he had started talks with a “bunch of billionaires”.
Clock Is Ticking for TikTok Ban
There is a pressing sense of urgency to the situation. TikTok went dark the day before Trump’s inauguration, only to be reinstated with a 75-day extension by the now president. But he hasn’t completely reversed the ban (which he was actually instrumental in) and so TikTok must find a buyer.
As to the price, Trump mentioned the figure of $1tn at a press conference with a 50% US ownership and a “permit” to operate in the country. He also nodded to Musk’s interest while adding that the multibillionaire founder of Oracle, Larry Ellison, might also make a bid. Ellison, who was actually at the press conference, reportedly said that it sounded like “a good deal”.
While it is looking likely that a buyer will be found, who that will be and how the platform will then operate is a guess. After all, none of the concerns about national security have disappeared and the scrutiny will no doubt continue in the 75-day period.
Uncertainty Still Reigns for TikTok
In the meanwhile, some of TikTok’s 170 million US users have started looking at alternatives, including, ironically, another Chinese social media app called RedNote. Reuters is reporting that Apple and Google have not reinstated TikTok in their app stores as yet, so rivals definitely have an opportunity to jump in and they’re using it.
But is Trump’s suspension of the ban even legal? And is there steering going on behind closed doors as to who the new owner will be? Plenty of questions to be answered and not a huge amount of time for answers.
