TikTok, the popular social media app owned by Chinese company ByteDance, is facing an uncertain future in the US. A potential ban looms on April 5, and a number of investors are competing for the opportunity to purchase the app, which could see its US business valued at upward of $60 billion, according to CFRA Research's senior vice president, Angelo Zino.

The drama surrounding TikTok's relationship with the US government began in August 2020, when then-President Trump signed an executive order to ban transactions with parent company ByteDance. This led to a series of legal battles and negotiations, with Trump's administration seeking to force a sale of TikTok's US operations to a US-based company. Leading contenders at the time included Microsoft, Oracle, and Walmart.

However, a US judge temporarily blocked Trump's executive order, allowing TikTok to continue operating while the legal battle unfolded. The situation progressed further last year following the transition to the Biden administration, with the US House of Representatives passing legislation against TikTok in an overwhelming 360-58 vote. The Senate later passed the bill, and President Joe Biden signed it into law, requiring TikTok to be sold or banned.

In response, TikTok sued the US government, challenging the constitutionality of the ban and arguing that the app and its American users were having their First Amendment rights violated. The company has consistently denied that it poses a security threat, asserting that its data stored in the US complies with all local laws.

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 was a stark contrast to his approach during his first presidency.

Despite the initial ban coming into effect, TikTok shut down in the US for less than 12 hours before returning online. The platform credited Trump's efforts for its return, and the president subsequently signed an executive order postponing the ban for 75 days. This extension provides TikTok 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.

As of now, no definitive deal has been reached for the sale of the platform, but several investor groups and companies are rumored to be potential buyers of TikTok's US operations. These include The People's Bid for TikTok, led by Frank McCourt, which prioritizes privacy and data control; an American Investor Consortium led by Jesse Tinsley, which has made a $30 billion all-cash offer; and other interested parties such as Amazon, AppLovin, Bobby Kotick, Microsoft, Oracle, Perplexity AI, Rumble, Steven Mnuchin, Walmart, and Zoop.

The implications of a potential ban or sale of TikTok are significant, with the app's fate hanging in the balance. The US government's concerns about user data and national security remain a major hurdle, and it remains to be seen whether a deal can be reached that addresses these concerns while also satisfying the interests of investors and users alike.

As the situation continues to unfold, one thing is clear: the future of TikTok in the US is uncertain, and the stakes are high. With a potential valuation of $60 billion on the line, the outcome of this high-stakes drama will have far-reaching implications for the tech industry and beyond.