Elon Musk dismisses interest in acquiring TikTok

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Elon Musk has ruled out any interest in acquiring TikTok, despite recent speculation surrounding the future of the short-video platform in the US. Speaking at a summit hosted by Germany's WELT Group in late January, the Tesla and SpaceX chief executive addressed claims that he might bid for the platform.

"I have not put in a bid for TikTok," Musk stated. His remarks surfaced online over the weekend, following US President Donald Trump's suggestion that he would be open to Musk purchasing the ByteDance-owned app.

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Musk emphasised that he has no plans for the platform, noting that he does not personally use TikTok and is unfamiliar with its format. "I'm not chomping at the bit to acquire TikTok. I do not acquire companies in general - it's quite rare," he said, citing his US$44 billion takeover of Twitter, now rebranded as X, as an unusual exception. "I usually build companies from scratch."

The fate of TikTok in the US remains uncertain. The Biden administration previously sought to force ByteDance to divest its American operations due to national security concerns, with a deadline set for January. US lawmakers fear that the Chinese government could compel ByteDance to share American user data, a claim the company has repeatedly denied.

Apple and Google have yet to reinstate TikTok in their app stores following the enforcement of a US law targeting the platform. In response, TikTok announced on Friday that US Android users could download and access the app via direct package kits on its website to circumvent restrictions.

Trump, who previously attempted to ban TikTok during his first presidency, has since softened his stance, stating he has "a warm spot in [his] heart" for TikTok and crediting the platform with helping him connect with young voters during the 2024 election. He has confirmed ongoing discussions with multiple parties regarding a potential sale, with a final decision expected soon. Meanwhile, ByteDance has reiterated that it has no plans to sell the app.

The Biden administration had studied the possibility of establishing a sovereign wealth fund, a move that could potentially involve the acquisition of TikTok. Trump also recently ordered the creation of a wealth fund to buy TikTok. However, with growing political and regulatory scrutiny, the platform's future in the US remains in flux.

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