What's next for TikTok in the US as deal prospects remain uncertain?
A deal to sell TikTok has remained elusive, despite earlier claims that a deal was done.
15 December 2025
Lily JamaliNorth America Technology correspondent
A billionaire investor keen on buying TikTok's US operations has told the BBC he has been left in limbo as the latest deadline for the app's sale looms.
The US has repeatedly delayed the date by which the platform's Chinese owner, ByteDance, must sell or be blocked for American users.
US President Donald Trump initially gave himself until December 16 to comply with the law before moving the deadline to 23 January 2026 with a new executive order.
"We're just standing by and waiting to see what happens," investor Frank McCourt told BBC News.
"But if the moment arrives, we're prepared to move forward... we've raised the capital to buy it - we'll see."
The popular short-form video app was due to be banned or sold in the US in January in accordance with a law passed by Congress in 2024.
Lawmakers said at the time ByteDance's links to the Chinese government threatened national security, and expressed fears Beijing could force the company to hand over data on US users.
It's a concern TikTok and its owners have always said is unfounded.
The law was signed by President Joe Biden while he was still in office and was upheld by the Supreme Court in early 2025.
Trump and members of his administration have previously claimed a TikTok deal was done, and had the blessing of Chinese President Xi Jinping.
The president has also said "sophisticated" US investors would be involved in acquiring the app, including two of his allies: Oracle chairman Larry Ellison and Dell Technologies' Michael Dell.
Members of the Trump administration had indicated the deal would be formalised in a meeting between Trump and Xi in October - however it concluded without an agreement being reached.
Neither TikTok's Chinese owner ByteDance nor Beijing have since announced approval of a sale, despite Trump's claims.
When Trump signed his most recent executive order extending the deadline to January, he said in an online post it would lead to a deal being completed.
Without naming Trump's hand-selected investors, Mr McCourt told the BBC he was concerned "about a concentration of power and influence because platforms like TikTok are very influencing".
He is part of a group of investors including Reddit co-founder Alexis Ohanian and Canadian investor Kevin O'Leary.
"My hope would be that whatever happens, that it is shut down or sold, and lands in the hands of people that comply with the law," he said.
He said he wants to operate TikTok without any of its Chinese technology, including its powerful recommendation algorithm, and that his Project Liberty has developed other technology that could be used instead.