ByteDance, TikTok’s parent company, is required to sell the app to a U.S.-based buyer or face a nationwide ban.

Buying TikTok would further solidify Musk's position as one of the most powerful men in the U.S. and the world.

Chinese officials are reportedly exploring a backup plan for TikTok after the Supreme Court appeared unlikely to save it from a US ban. With TikTok’s legal options nearly exhausted, multiple news outlets are reporting that China is considering an option it previously said it wouldn’t: letting ByteDance sell the app.

Chinese government officials are reportedly mulling selling TikTok's US operations to Elon Musk to avoid a complete ban in the country.

Could Elon Musk save TikTok in the US? China weighs option to sell the controversial TikTok social media app's US operations ahead of looming ban

Musk acquired X (then Twitter) in October 2022 after a highly publicized back and forth, in which he gave up on the acquisition midway but ultimately closed the deal, paying $44 billion for the platform. X's user base has been on a decline since the acquisition, and advertising revenues have plummeted.

The president-elect and Joe Biden are reportedly exploring legal avenues for keeping the app accessible. Meanwhile, a growing list of entrepreneurs are said to be weighing a buyout.

If you are an avid TikTok user – or a creator who relies on the platform for income – here’s what you need to know to prepare for its upcoming ban in the U.S.

WASHINGTON (AP) — As the fate of TikTok hangs in the balance, U.S. TikTok users are flocking to the Chinese social media app Xiaohongshu, also called RedNote – making it the top downloaded app in the U.S.

Several parties have expressed interest in buying the platform, but ByteDance has repeatedly said it does not plan to sell. Experts have also noted the Chinese government is unlikely to approve a sale that includes TikTok's coveted algorithm.

Tesla's valuation climbed today alongside reports that CEO Elon Musk could be involved in a deal to purchase TikTok from ByteDance -- its Chinese parent company. The electric vehicle (EV) leader's stock also appears to be getting a boost related to the inauguration of President-elect Trump this coming Monday.