TikTok’s fate in the US is still hanging in the balance, but one thing is clear: the drama around its ownership is far from over. 
While most American users are busy scrolling and uploading dances, those making a living on the app are watching every move like hawks.
At the center of the storm is ByteDance, TikTok’s China-based parent company, which has been under pressure to sell its US operations to an American entity. The demand? Get out or risk a nationwide ban.
But the bidding war just got thinner. Blackstone has reportedly exited a leading investment group aiming to take over TikTok’s US operations. The consortium, which includes Susquehanna International Group and General Atlantic (current ByteDance investors), hoped to grab a controlling stake, with Americans owning 80% and ByteDance keeping a minority piece.
Why did Blackstone back off? According to insiders, the deal is mired in delays and complications tied to broader US-China tensions. The uncertainty, made worse by the lack of clear government action, has stalled momentum. Former President Trump was vocal about banning TikTok, but his executive orders have only prolonged the decision-making, now with the deadline extended yet again to September 17.
The longer this drags on, the more frustrated lawmakers become. Some argue the delay ignores potential national security concerns. ByteDance, meanwhile, is weighing options, including a sale or internal restructuring, just to keep TikTok alive in the US market.
Despite the legal fog, TikTok continues to thrive. The company raked in a massive $43 billion in Q1, even outpacing Meta in earnings, according to reports. It’s also rumored that TikTok is developing a separate version of the app tailored specifically for the US – just in case things go south with the deal.
So, will TikTok in the US get a makeover or a funeral? For now, creators are holding their breath while users keep swiping – mostly unaware that the app they love could change drastically or vanish altogether.