As the U.S. ban on TikTok approaches, more possible bidders for the app are emerging; however, legal experts believe that Elon Musk is unlikely to make a bid for it.
If ByteDance, the Chinese corporation that owns TikTok, doesn’t sell its stake in the app by January 19, 2025, there are plans to ban TikTok in the United States.
ByteDance has consistently resisted the idea of a sale and has made efforts to delay the ban on various instances, but their attempts have proven fruitless so far.
A number of notable figures have expressed interest in potentially taking over TikTok to prevent its ban within U.S. borders, with Shark Tank’s Kevin O’Leary and popular YouTube personality MrBeast among them.
It has been speculated that Elon Musk might have been involved as well, yet due to his current stake in company X, such a buyout appears quite improbable.
Legal expert casts major doubt on Elon Musk buying TikTok
I had a conversation with Neil Elan, an attorney specializing in high-valued intellectual property disputes at Stubbs Alderton & Markiles, LLP. I sought his perspective on the potential acquisition of TikTok by Elon Musk and its potential implications for the digital community space or ‘public square.’
I talked to Neil Elan, a lawyer who deals with complex intellectual property disputes, about the possibility of Elon Musk buying TikTok. He shared his thoughts on what this deal could mean for the online public area we all use.
Based on Elan’s assessment, it seems quite improbable for Musk to acquire TikTok because such a move would result in him owning two of the globe’s most prominent social media platforms. This situation could potentially lead to a dominance or monopoly in the industry.
Elan stated, “There’s a great deal to examine in that situation, and I believe there would be widespread outrage if it were to occur. In my opinion, the two biggest social media platforms owned by Elon Musk likely wouldn’t meet the standards for antitrust or monopoly regulations.
In essence, Elan feels that there are excessive precautions which make it highly unlikely for such a transaction to occur, and he anticipates strong public criticism if it were to proceed.
He stated that since there are likely to be numerous obstacles put in place to stop it, he’s not very optimistic about it at the moment.
ByteDance’s TikTok shares are estimated to be worth approximately $300 billion at present, and if they decide to sell, analysts predict they might seek a payout ranging from $40 billion to $50 billion. This amount would be relatively trivial for Elon Musk, who has a net worth of $400 million.
TikTok has responded to Elon’s alleged acquisition plans by stating that they cannot provide comments on mere speculations or fictitious scenarios.
At the moment of this writing, Elon hasn’t given a public statement about the issue. However, he has expressed strong disagreement against the app’s prohibition in America, stating that such a move would go against the principles of free speech and expression.
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2025-01-15 16:11