TikTok, the popular social media app owned by Chinese company ByteDance, is at the center of a high-stakes drama as investors compete to purchase the platform's US operations. The app's future remains uncertain, with a valuation estimated at a staggering $60 billion, according to CFRA Research's senior vice president, Angelo Zino.

The controversy surrounding TikTok's ownership began in August 2020, when former President Donald Trump signed an executive order to ban transactions with ByteDance. The move was driven by concerns that the Chinese government could access user data through the app. Since then, TikTok has been embroiled in a series of legal battles and negotiations with the US government.

In a surprising turn of events, Trump recently opposed the potential ban of TikTok in a court filing, stating that he could find a way to keep the app in the US. This stance marked a stark contrast to his approach during his first presidency. The US Supreme Court has since upheld the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), commonly referred to as "the TikTok ban."

Despite the ban, TikTok briefly shut down in the US before returning online less than 12 hours later. The app credited President Trump's efforts for its return, and Trump subsequently signed an executive order that postponed the TikTok ban for 75 days. This extension provides the app with additional time to either sell a stake in the platform or reach an agreement with Trump, who is seeking a 50-50 ownership arrangement between ByteDance and a US company.

A number of investors are vying for ownership of TikTok's US operations, including The People's Bid for TikTok, a consortium organized by Project Liberty founder Frank McCourt. The group, which includes investment firm Guggenheim Securities and the law firm Kirkland & Ellis, aims to prioritize privacy and data control through an open-source approach. Other interested parties include American Investor Consortium, led by Jesse Tinsley, as well as Oracle, Walmart, Microsoft, Rumble, and Perplexity AI.

The People's Bid for TikTok has garnered significant support, with notable figures such as Alexis Ohanian, Kevin O'Leary, Tim Berners-Lee, and David Clark joining the effort. The consortium's focus on user data control and privacy could be a key selling point, given the ongoing concerns surrounding TikTok's data storage and potential access by the Chinese government.

As the drama unfolds, one thing is clear: TikTok's future is far from certain. With a valuation of $60 billion at stake, the outcome of this high-stakes battle will have significant implications for the tech industry, national security, and the millions of users who rely on the app. As the 75-day extension comes to a close, all eyes will be on TikTok's next move and the fate of its US operations.