Elon Musk Dismisses TikTok Acquisition Rumours as US Ban Looms

The world’s wealthiest individual, Elon Musk, has firmly rejected speculation regarding a potential TikTok acquisition amidst growing uncertainty over the platform’s future in the United States. The rumours had suggested a possible merger between TikTok’s US operations and X, formerly Twitter, which Musk acquired for £44 billion in 2022.

Speaking at an Axel Springer conference, Musk categorically stated, “I have not put in a bid for TikTok.” The billionaire emphasised his preference for building companies from scratch, noting that acquisitions are “quite rare” in his business strategy.

The clarification arrives at a crucial moment for TikTok, as the platform faces significant regulatory challenges in the US. With approximately 170 million American monthly users, TikTok received a temporary reprieve when President Trump signed an executive order delaying the proposed ban for 75 days upon taking office.

The original legislation, signed by former President Biden, mandates ByteDance, TikTok’s parent company, to divest its American assets or face a complete ban. While ByteDance maintains its stance against selling, several prominent American investors have expressed interest in acquiring the platform.

Security concerns continue to dominate the discourse, with US lawmakers citing potential risks of user data being shared with China. TikTok has consistently denied these allegations, though both Apple and Google have removed the app from their respective stores since January.

The situation has attracted interest from various potential buyers, including Canadian businessman Kevin O’Leary and former Los Angeles Dodgers owner Frank McCourt. Social media influencer Jimmy Donaldson, known as MrBeast, has also publicly declared his interest in acquiring the platform.