TikTok’s owners ByteDance have until mid-September to finalize a deal to sell the app’s United States operation, or it will face a ban across the country. US President Donald Trump says a purchaser for TikTok’s US business has now been found, and he will be able to share more about the deal in a couple of weeks.

During an interview with Fox News on Sunday, Trump said that extending the ban further would be “no big deal.” However, he also confirmed a potential purchase for the US is underway with more details expected to be made public soon.

“We have a buyer for TikTok, by the way,” Trump said. “I think I’ll need probably China approval, and I think President Xi [Jinping] will probably do it.”

Trump didn’t share who the buyer was aside from saying it’s a group of “very wealthy people.” Analysts have previously estimated the US operations of TikTok are worth anywhere between $20 billion and $50 billion.

If this deal is to happen, it’s going to require significant investment from whoever wants to own TikTok’s US business. The deal will need to be complete by September 17, or Trump will likely have to delay the ban a fourth time.

Two weeks ago, Trump delayed the TikTok ban for the third time, pushing the date back by 90 days so the company could figure out its next step for a possible US purchase.

This is all happening after US lawmakers said TikTok’s ownership by a Chinese company was a national security threat. Part of the TikTok ban has said the only way for the app’s usage in the US to continue has been for its operations in the country to be sold by ByteDance.

TikTok was taken down in January for around half a day when the original ban when into effect. Trump at the time promised he wouldn’t immediately enforce the law, so ByteDance reinstated the service around 12 hours after it was first pulled.

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About James Peckham

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I’ve written tech news for over a decade, and as a Reporter at PCMag, I cover the latest developments across the gadgets and services you use every day. Previously, I worked for Android Police, TechRadar, and more.

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