Two weeks out from the latest deadline for the Chinese owner of TikTok to either sell its U.S. operation or go dark, a Wyoming billionaire remains optimistic about buying the popular social media app.
Reid Rasner, CEO of Omnivest Financial, has been making a push to stand out among a list of heavyweight contenders for TikTok that includes Amazon, Oracle, Perplexity, Microsoft and the owner of OnlyFans.
Faced with an ultimatum to sell or be shut down over claims TikTok is being used to spy on the United States and its citizens, the platform owned by Chinese company ByteDance has so far spurned offers.
In the meantime, President Donald Trump has extended the original Jan. 19 deadline twice. Now, the sale must be done by June 19.
Rasner said his investor group’s $47.45 billion bid is “$20 billion ahead of the next highest bid” and that his offer allows ByteDance to remain a minority owner in the U.S. version of TikTok.
“We believe ByteDance is ready for a deal because the new law allows them to have 20%,” he said Thursday on the Cowboy State Daily Show with Jake Nichols. “It has to happen. Our bid fulfills the law to a T.”
He said his bid is the only one that allows the Chinese company to still be part of the business, although that would be a minority stake and wouldn’t have any authority.
The choice, he said, is whether ByteDance wants “20% of something or 0% of nothing.”
Trump also could issue another extension of the TikTok deadline.
Spyware
Former President Joe Biden initiated the order to sell TikTok, and Trump has repeatedly said he has grave concerns it’s a security risk being used to spy on Americans. ByteDance has denied those claims.
The presidents aren’t the only ones who think it’s a bad idea for China to have access to the huge stash of data TikTok represents, Rasner said.
One disturbing thing he said TikTok is doing is targeting younger users with antisemitic and anti-Israel content.
“It’s being used in a very nefarious way against Americans to change their minds to make them think and feel and act a certain way,” Rasner said on the show.
Wyoming’s congressional delegation agrees, saying there are very real and immediate concerns about TikTok under Chinese ownership.
“It’s no secret that China is spying on Americans and uses TikTok to do it,” U.S. Sen. John Barrasso said in a statement to Cowboy State Daily. “The only way TikTok should operate in America is under the full control of an entity with zero ties to Communist China.
“A winning bidder can’t come soon enough.”
Whether that bidder should be Rasner’s group, Barrasso didn’t say.
Barrasso’s Republican counterpart Sen. Cynthia Lummis said security needs to the No. 1 consideration in what happens with TikTok.
“I support President Trump’s plan to extend the deadline to facilitate a legitimate TikTok sale,” she told Cowboy State Daily in a statement. “It’s crucial we ensure the data that people in Wyoming put on TikTok is not available to the Chinese Communist Party or other nations that threaten our safety and security.”
Who Decides?
While it’s up to ByteDance to accept or deny any of the bids to buy TikTok in the U.S., any potential deal has to be approved by the White House. ByteDance could refuse to sell, in which case the app would be banned in America.
Helping vet and advise on the bids is the Committee on Foreign Investment in the United States, which was created to review concerning foreign transactions in the U.S.
Rasner said his bid checks all the boxes Trump and Congress have put out there for buying the platform.
“We’re developing public-private partnerships with American-owned companies,” he said. “It’ll be American-owned and American-run.”
To that end, Rasner said his plan gives control of people’s personal data to them instead of the app. Users can opt out of having TikTok use their data, or opt in, in which case they’ll be paid for use of that asset.
“You’re already giving all your data away for free on these platforms, so if you’re on YouTube or you’re on Facebook or Instagram, or even if you’re just on Candy Crush — the game where you swipe and have the little candies explode — your data is being monetized,” Rasner said on the show.
But that’s “your data,” he added.
His group would only use data it’s been given permission to use, he said.
“And when that happens, you will profit share in your data,” Rasner said. “You own it, and you control it. We want to pay you for your data, because that’s what powers these algorithms, and that’s what makes these apps so profitable.
“We want to use it, but if you don’t want to share it, we’re OK with that, too.”
Huge Potential For Wyoming
Throughout his push to buy TikTok, Rasner has maintained he would bring the company to Wyoming.
“Wyoming should be very interested in the advancements of what this next generation of technology is ushering in,” Rasner said. “I believe Wyoming can be at the forefront of all of this.
“I’m from Wyoming and have always championed Wyoming. I hope Wyoming falls into it in a big way.”
A request for comment from Gov. Mark Gordon’s office about the potential for TikTok in Wyoming wasn’t returned by the time this story was posted.
Should his group gain control of TikTok U.S., Rasner said users can expect some noticeable changes. The most high-profile one would be making the app adult-only.
“It’ll look the exact same,” he said. However, “no one under the age of 18 will be allowed on normal TikTok.”
Another app for kids will be launched, called KidsTok, that will be “100% education focused on STEM to ensure it’s a safe environment for kids on our platform,” Rasner said. “We don’t believe (kids) should be having debates and conversing with adults at any level.”
Rasner said he understands that may not make him the most popular guy with teens in America.
“So, anyone who’s under 18, they’re going to be upset with me at first, and that’s OK,” he said. “They’re going to get over it.”
Greg Johnson can be reached at greg@cowboystatedaily.com.
