Blackstone had planned to take a minority stake in the TikTok U.S. business in a deal orchestrated by President Donald Trump. The consortium is led by Susquehanna International Group and General Atlantic, current investors in TikTok’s Chinese owner ByteDance. The group had emerged as the front-runner to secure TikTok’s U.S. business in a deal under which U.S. investors would own 80% of TikTok, while ByteDance would retain a minority stake.
Blackstone declined to comment. TikTok did not immediately respond to a request for comment.
The deadline for ByteDance to divest the popular social media app in the U.S. has been repeatedly postponed, creating uncertainty for investors.
Last month, Trump signed a third executive order extending the deadline for ByteDance to sell TikTok or face a ban, moving the cutoff to September 17. In April 2024, Congress passed a law mandating a sale or shutdown of TikTok by January 19, 2025.
Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is “flouting the law” and ignoring national security concerns related to Chinese control over TikTok.