An entrepreneur makes a bid to acquire TikTok for $7.16 trillion

TikTok, a short video sharing social networking site, is unable to install new apps in the United States due to the enforcement of the 'TikTok Ban Act.' Entrepreneur Reed Rasner has reportedly proposed to acquire TikTok for a total of $47.45 billion (7.16 trillion yen).

Exclusive | Entrepreneur Reid Rasner makes $50B offer to buy TikTok
https://nypost.com/2025/02/19/business/us-entrepreneur-offers-50-billion-to-buy-tiktok/

In the United States, former President Joe Biden signed and enacted the ' Protecting Americans from National Security Threats Posed by Applications Controlled by Foreign Adversaries Act ,' commonly known as the TikTok Ban Act, in April 2024. This required ByteDance, the developer of TikTok, to 'sell its business by January 19, 2025,' but ByteDance did not sell TikTok. As a result, new installations and updates of TikTok are no longer possible.

TikTok, CapCut, Lemon8, MARVEL SNAP, etc. will be suspended in the United States as the 'TikTok Ban Law' comes into effect - GIGAZINE

Subsequently, President Donald Trump, who became the 47th President of the United States on January 20, 2025, signed an executive order calling for a 75-day suspension of enforcement of the TikTok Ban Act.

President Trump signs executive order to suspend TikTok ban for 75 days - GIGAZINE

To save the situation, it was reported that on February 19, 2025, Rasner made a proposal to ByteDance for TikTok's assets, operations, and proprietary algorithms. The total proposed acquisition price was reported to be $47.45 billion. Afterwards, Rasner said, 'It's official. We have actually made an offer to acquire 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

Rasner has previously founded companies in his home state of Wyoming, including financial planning company Omnivest Financial , and is also running in the 2024 Republican primary in Wyoming. After acquiring TikTok, Rasner plans to establish a business in Wyoming, citing the benefits of doing so as 'vitalizing the energy, agriculture and tourism industries,' 'attracting a large number of highly skilled workers and creating new jobs,' and 'bringing cutting-edge innovation and new investment opportunities.'

Let's bring TikTok to Wyoming! ????

Here are just some of the ways we'll benefit:

???? It will supercharge our energy, ag and tourism industries
???? It will bring in more high-skilled workers and create thousands of new jobs
???? It will bring in cutting-edge innovation and new… pic.twitter.com/VVveSl4Xni

— Reid W. Rasner (@Rasner4WY) February 19, 2025

'This initiative will strengthen Wyoming's economy and ensure that Wyoming assumes a national leadership role across multiple sectors,' said Steve Roberts, Rasner's attorney.

'We have entered into comprehensive non-disclosure agreements and are prepared to conduct six months of due diligence , at the end of which we intend to submit a letter of intent for a controlling interest in TikTok's U.S. business,' Rasner said.

At the time of writing, a TikTok spokesperson had not commented.