Elon Musk has denied rumors about acquiring TikTok, dismissing reports that Chinese officials considered selling the app to him to avoid a U.S. ban.
Speaking at the WELT Economic Summit in Germany on January 28, the Tesla and SpaceX CEO clarified that he has not made a bid for TikTok and sees no strong reason to do so.
“I don’t have any plans for TikTok,” Musk stated in a video released Saturday, adding that if he ever considered acquiring the platform, his main concern would be evaluating its algorithm’s impact on users.
Earlier reports from Bloomberg and the Wall Street Journal suggested that Chinese officials had informally discussed selling TikTok to Musk, with one idea proposing that his social media platform X take ownership to comply with U.S. regulations. However, TikTok dismissed these claims as “pure fiction.”
With approximately 170 million U.S. users, TikTok has been under scrutiny due to national security concerns. Lawmakers fear its parent company, ByteDance, could be forced to share user data with the Chinese government.
A bill signed by former President Joe Biden last April set a deadline for ByteDance to divest from TikTok or face a U.S. ban. Initially set for January 20, former President Donald Trump extended the deadline by 75 days, pushing it to April.
Despite ByteDance’s stance against selling TikTok, several investors have expressed interest. Billionaire Frank McCourt and “Shark Tank” investor Kevin O’Leary reportedly placed a $20 billion bid, while YouTube’s most-followed creator, MrBeast (Jimmy Donaldson), hinted at joining an investment group exploring a purchase.
Musk, who bought Twitter (now X) for $44 billion in 2022, emphasized that he does not acquire companies purely for financial reasons. “I don’t buy things just for economic gain,” he said. “It’s not clear to me what the purpose of acquiring TikTok would be, aside from economics.”
Analysts estimate TikTok’s U.S. assets—excluding its proprietary algorithm—are valued between $40 billion and $50 billion. Many believe the app’s true worth lies in its algorithm, which drives content recommendations and engagement.
With the April deadline approaching, the future of TikTok in the U.S. remains uncertain. While some lawmakers push for a ban, others advocate for a sale to a U.S. company. Musk’s decision to stay out of the bidding process leaves room for other potential buyers.
