- TikTok might have a new owner
- This comes as the United States banned and then revived the app
- It faced backlash for being owned by a Chinese company, Bytedance
TikTok could be getting a new owner after all the fuss made by the US government over its parent company, ByteDance, being based in China.
Reid Rasner has made a $50 billion bid for “a controlling stake” in the video-sharing platform. Currently, it boasts more than 167.5 million users in the US.
“By establishing TikTok’s operations in Wyoming, Reid will ignite a new era of economic diversification, creating thousands of high-paying jobs that will not only benefit the tech sector but also supercharge Wyoming’s energy, agriculture, and tourism industries,” his lawyer Steve Roberts wrote in a letter seen by The New York Post.
Read more: Wealthy Wyoming entrepreneur makes $50 billion offer to buy TikTok
It's official. I have put in an offer to purchase TikTok. 🚀 #Rasner4WY #tiktok https://t.co/1A1iNAZXS6
— Reid W. Rasner (@Rasner4WY) February 19, 2025
It continued, “This initiative will bring high-skilled workers, cutting-edge innovation, and new investment opportunities into the state, strengthening the economy while ensuring Wyoming remains a national leader in multiple sectors.”
But who is Reid Rasner, the man vying to buy out TikTok?
Based in the state of Wyoming, Reid is a businessman who has established various businesses. Currently, his main project is his media company.
According to his website, he is a noted ally of President Donald Trump’s MAGA movement and “unapologetically, American First”. Last year, he failed to unseat Senator John Barrasso in the state’s Republican primary.
.@realDonaldTrump has made it clear he intends to make our nation energy independent once again. This is the type of bold leadership our country has been missing. Wyoming will only benefit! #maga #wyoming
— Reid W. Rasner (@Rasner4WY) February 17, 2025
His bid highlighted how basing it in his home state would be ideal.
“While traditional tech hubs struggle with skyrocketing energy prices and unreliable grids, Wyoming offers unmatched energy stability, efficiency, and sustainability,” the letter says.
Who else has tried to buy TikTok?
Larry Ellison has also thrown his hat into the ring to potentially buy TikTok. The billionaire already owns the Oracle, who already work the app with their cloud-computing needs.
Elon Musk, Frank McCourt, and Shark Tank’s Kevin O’Leary have also all been names floated in these sorts of conversations.
Read more: AI startup DeepSeek accused of sharing user data with TikTok owner
What does Trump think about all of this?
Trump was lauded for the quick return of the app when it was initially banned back in January. This is a surprise to many as his first term included an attempt to remove the app from US-based devices. However, he has changed his tune on the app.
Now, he supports an American institution or individual being a 50 per cent shareholder to stop the “threat” of ByteDance supplying US personal data to the Chinese government. The tech giant has denied doing so at every opportunity.
During the announcement of the $500 billion AI infrastructure deal with Oracle, Softbank and OpenAI in January, Trump said, “I met with the owners of TikTok, the big owners, it’s worthless if it doesn’t get a permit.”
“It’s worth like a trillion dollars,” he continued. “So what I’m thinking about saying to somebody is, ‘Buy it and give half to the United States of America, and we’ll give you the permit,’ and they’ll have a great partner.”
The Commander-in-Chief has made many statements about his need to save the app. For example, on his social media site Truth Social, the president wrote, “Save TikTok.”
When he took office again, he also added in an Executive Order, “I would like the United States to have a 50 per cent ownership position in a joint venture. By doing this, we save TikTok, keep it in good hands and allow it to say up. Without U.S. approval, there is no TikTok.”
