Blackstone exits bid for TikTok US stake amid ongoing trade talks
Blackstone has withdrawn from its bid to acquire a stake in TikTok’s US operations, stepping away from a consortium that includes Susquehanna International Group, General Atlantic, KKR, Andreessen Horowitz, and Oracle. The asset manager’s exit comes as the long-delayed TikTok deal remains a major sticking point in the ongoing trade negotiations between Washington and Beijing.
Earlier this month, U.S. President Donald Trump signaled that a deal to sell TikTok’s U.S. assets was “pretty much” finalized, although he admitted uncertainty over China’s approval. Trump also hinted at a possible meeting with Chinese President Xi Jinping, with Secretary of State Marco Rubio noting that the likelihood of such a summit remains high, News.Az reports, citing foreign media.
In June, Trump extended ByteDance’s deadline to sell TikTok’s U.S. assets until September 17, his third executive order delaying a potential ban. The consortium that included Blackstone had emerged as a leading bidder, offering American investors an 80% stake while ByteDance retained a minority share.
Meanwhile, U.S.-China trade tensions have reignited following Trump’s re-election, with both countries engaging in tariff suspensions and contentious negotiations. TikTok’s U.S. deal remains at the center of these talks, with Chinese authorities warning of retaliatory measures if U.S. trade agreements harm Chinese interests.
Rubio’s recent meeting with China’s Foreign Minister Wang Yi in Kuala Lumpur was described by both sides as “positive and constructive,” signaling cautious optimism for progress in trade discussions.
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