Investment firm withdraws as deadline for sale or shutdown approaches
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Investor Blackstone has withdrawn from a consortium that sought to invest in TikTok’s US operations, according to a source familiar with the matter who spoke to Reuters.
The consortium, led by Susquehanna International Group and General Atlantic (both already investors in TikTok’s parent company ByteDance), aimed to acquire 80% of TikTok US, with ByteDance retaining a minority stake. Blackstone was originally set to acquire a minority interest. Other interested parties reportedly include KKR, Andreessen Horowitz, and Oracle.
The deal has faced repeated delays due to tensions between the US and China and is part of broader trade negotiations. US president Donald Trump extended ByteDance’s deadline to either sell or shut down the social network to 17 September via executive order after the Biden administration imposed a deadline of 19 January 2025. Critics have argued that the government is sidestepping national security concerns surrounding TikTok with this move.
ByteDance is currently developing a separate US TikTok app.
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