Reid Rasner, an affluent entrepreneur based out of Wyoming, has offered to pay nearly $50 billion for a controlling state in the popular social media platform TikTok, according to reports.
Rasner, 40, sent an offer of $47.45 billion to ByteDance, TikTok's Chinese parent company. The short-form video app has come under fire by U.S. lawmakers, who have branded it a "national security concern" over it's ties to China and access to the user data of millions of Americans.
Previously, former President Joe Biden had signed a law into effect that mandated that, for TikTok to continue to be made available to U.S. users, it must be sold off from ByteDance to a non-Chinese owner. However, on the first day of his new term, President Donald Trump granted the app a reprieve of 75 days to give it more time to find a buyer.
According to a letter sent this week to ByteDance, Rasner's offer is for a “controlling stake” in TikTok’s assets, operations and proprietary algorithm; it is currently unknown if the Chinese tech firm will entertain the offer or not.
“By establishing TikTok’s operations in Wyoming, Reid will ignite a new era of economic diversification, creating thousands of high-paying jobs that will not only benefit the tech sector but also supercharge Wyoming’s energy, agriculture, and tourism industries,” the letter said. “This initiative will bring high-skilled workers, cutting-edge innovation, and new investment opportunities into the state, strengthening the economy while ensuring Wyoming remains a national leader in multiple sectors.”
Others interested in purchasing TikTok include Tesla owner Elon Musk, billionaire Frank McCourt, and “Shark Tank” star Kevin O’Leary.