Elon Musk said he has no interest in acquiring the video-sharing platform TikTok, according to statements made at the WELT Economic Summit held virtually on January 28.
During an online video presentation released by The WELT Group, a subsidiary of German media company Axel Springer, Musk stated, “I’ve not put in a bid for TikTok and I don’t have any plans for what I would do if I had TikTok.”
The Chinese-owned app, popular with about 170 million monthly American users, faced a potential ban on January 20 over national security concerns.
President Donald Trump intervened at the last moment, offering TikTok’s parent company, ByteDance, a 75-day reprieve from the ban.
This postponement allows TikTok additional time to secure a non-Chinese buyer, complying with the stipulations of a law signed by former President Joe Biden the previous April.
Despite public interest from some investors, ByteDance maintains it is not looking to sell.
In January, YouTube and TikTok star MrBeast, real name Jimmy Donaldson, announced his intentions to purchase the platform. Other high-profile potential buyers include “Shark Tank” personality Kevin O’Leary and former Los Angeles Dodgers owner Frank McCourt.
Despite being the wealthiest individual globally, Musk was rumored to be a possible buyer.
In 2022, Musk finalized the purchase of Twitter for $44 billion, subsequently rebranding it as X. However, Musk emphasized that buying companies is not typical for him, labeling it as “highly unusual.”
He explained that his acquisition of Twitter was motivated by a desire to uphold free speech in America, expressing uncertainty whether the same rationale would apply to TikTok.
Musk further remarked, “I don’t acquire things just for economic reasons. It’s unclear what the objective of acquiring TikTok would be, other than economic gain.”
According to Dan Ives, an analyst at Wedbush Securities, TikTok’s U.S. assets, excluding the algorithm, are valued between $40 billion and $50 billion.
However, the core value of the app might reside in its algorithm, which complicates any valuation efforts. Musk acknowledged that any potential buyer would need to evaluate TikTok’s algorithm to understand its impact on user experience.
Musk commented on the necessity of assessing the algorithm, noting he would need to determine “how harmful or useful this algorithm is.”
