The ongoing debate over TikTok's future in the US has taken an unexpected turn with Tron founder and crypto billionaire Justin Sun hinting at a potential acquisition of the popular app, which faces the threat of a government-mandated sale or ban.
Sun stirred attention on X (formerly known as Twitter) when he suggested he could "just offer to buy TikTok," as the platform's uncertain fate looms.
TikTok's parent company, Beijing-based ByteDance, is under intense scrutiny from the US government over security concerns, and the app is currently seeking a Supreme Court ruling to block a law that could force it to divest its US operations by January 2025.
The recent Supreme Court hearing suggested the law may be upheld, despite calls from politicians like President-elect Donald Trump for an extension.
Meanwhile, crypto supporters see Sun's potential purchase as an opportunity to introduce blockchain to mainstream platforms.
One user noted:
“That would be truly epic, your Excellency.”
A recent survey by angel investor Anthony Pompliano revealed divided opinions: 46.4% believe TikTok will remain in the U.S., while 38.9% anticipate a ban.
This uncertainty has sparked speculation that both Sun and Elon Musk could step in as potential saviours.
Reports suggest Chinese officials are eyeing Musk as a potential buyer, which could significantly impact both TikTok and the broader tech and crypto landscape.
In the event of a US ban, TikTok could be removed from app stores, leaving users with a gradually obsolete app.
This is not the first time the platform has faced threats of closure—former President Trump attempted to ban it in 2020, citing national security concerns.
However, the situation is now even more complex with Trump’s impending inauguration, raising questions about what comes next for TikTok's future in the US.
TikTok is preparing to shut down its US operations on Sunday, affecting the 170 million Americans who use the app, as a federal ban is set to take effect—unless a last-minute intervention occurs, according to sources familiar with the situation.
Trump, whose term begins just one day after the ban would take effect, is reportedly considering issuing an executive order to delay enforcement for 60 to 90 days.
However, details on how this could be legally accomplished remain unclear.
The law, enacted in April, mandates a ban on new TikTok downloads from Apple and Google app stores unless its Chinese parent company, ByteDance, divests the platform.
Users who have already downloaded the app could theoretically continue using it, but the law also prohibits US companies from providing services that support the distribution, maintenance, or updating of TikTok starting Sunday.
The Trump transition team has yet to comment on the situation, although Trump has previously expressed a desire for more time after assuming office to seek a "political resolution" to the issue.
Trump's incoming national security adviser Mike Waltz expressed:
"TikTok itself is a fantastic platform. We're going to find a way to preserve it but protect people's data."
A White House official confirmed that President Joe Biden will not intervene to prevent a TikTok ban in his final days unless ByteDance presents a viable divestment plan.
Without Supreme Court action, the ban is set to take effect on Sunday.
On Wednesday, US Senator Ed Markey attempted to extend ByteDance's divestment deadline by 270 days, but Republican Senator Tom Cotton blocked the proposal.
If the ban proceeds, TikTok plans to notify users via a pop-up message directing them to a website with information on the shutdown.
TikTok lawyer Noel Francisco told the Supreme Court last week:
"We go dark. Essentially, the platform shuts down."
Users will also be given an option to download their data.
Musk had previously opined that TikTok should not be banned in US.
The Supreme Court is now deliberating whether to uphold, overturn, or temporarily halt the law.
TikTok has warned that a US shutdown could disrupt services globally, as hundreds of American service providers support the platform's international operations.
In a recent court filing, TikTok argued that an immediate order is necessary to prevent service disruptions for millions of users outside the US.
The company also noted that a prolonged ban would likely force data centers to cease storing TikTok’s code, content, and user data.
Sources indicate that TikTok's shutdown plan is designed to shield service providers from legal risks while ensuring a swift restart if Trump reverses the ban.
Operations have largely continued as usual, and should the ban be lifted, TikTok could quickly restore access for US users.
Biden signed the law in April, mandating ByteDance to divest TikTok's US assets by 19 January or face a nationwide ban.
While Trump and some lawmakers have advocated for an extension, the Supreme Court recently signalled support for upholding the law.
TikTok and ByteDance argue that the legislation violates the First Amendment's free speech protections and have sought at least a delay in its enforcement.
The company estimates that a month-long ban would cause one-third of its 170 million American users to stop accessing the platform.
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