As the deadline for ByteDance to divest from social media platform TikTok approaches, the current highest bidder is a stalwart Donald Trump ally with big dreams of revolutionizing social media and the user data trade.

Under the Biden administration, Congress passed legislation forcing ByteDance to either sell off TikTok or cease operations within the United States.

Though Trump attempted to ban the app during his first term, he has since pivoted to trying to save it and extended the deadline for 75 days.

He may have found a partner in Reid Rasner, a Wyoming billionaire whose bid for the platform has overshadowed Elon Musk’s own $44 billion purchase of Twitter. Rasner, for his part, has put forward a $47.45 billion offer that the Trump administration has reviewed, according to NBC News.

“We're nearly $50 billion- $20 billion more than any bid out there. So we are the highest bid at the table,” Rasner said this week on the “Just the News, No Noise” television show. “Not only that, we're delivering a massive, 100 day win for President Trump by creating the sovereign wealth fund. We are donating 5% of our TikTok bid, 5% of $50 billion to the sovereign wealth fund.”

Rasner further highlighted that his bid would offer the United States government the ability to buy into the platform at the $50 billion valuation sum, saying “even if it's worth $100 billion or a trillion dollars, like President Trump says, the United States government can take a larger stake in TikTok, if they'd like, and increase their shares in the sovereign wealth fund.”

Trump signed an executive order early in his term to create a sovereign wealth fund for the United States. Essentially a colossal investment portfolio, such funds are usually aimed at maximizing long-term gains.

Over the finish line

Rasner’s bid has not yet been approved, but he may secure ownership of the platform largely due to the size of his bid. The current deadline for the platform to sell stands at April 5. The Wyoming billionaire insisted he was working to make sure that ByteDance would be satisfied with his terms and follow through on the sale.

“So I want to make sure that ByteDance has a fair offer on the table to accept, and I want to make sure they walk away happy,” he said. “I want to make sure the American people are happy with what's happening. And I want to make sure that President Trump, above all else, is happy with what's happening.”

“One, it's a great value for the company,” Rasner said. “We get to protect a national security risk right now with the data and how it's being leveraged against Americans and used against Americans, not only that, but we get to revolutionize an entire industry.”

Data security was the motivation

The primary motivation for the TikTok ban was the threat of Chinese surveillance of Americans and collection of user data. While the ByteDance sale would largely alleviate the concerns of bad actors working with Beijing, Rasner has floated an idea unique to his bid to address the data collection from users.

“As far as the data is concerned, people on Facebook, on Twitter and X, wherever you are, you're giving your data away for free. That happens no longer,” he vowed. “We are going to revolutionize social media, and it will never be the same again, because you're going to be able to opt-in to give us your data, and when you do that, you're going to receive a payment for us using your data.”

“Our offer is truly the America First offer, and we're excited to be part of this,” he insisted. “We're excited to be one of the finalists, and we're excited to deliver a huge win to President Trump and the America First offer on the table, and bring this app to America. This is an exciting time for everyone.”

“Rather than letting these massive Silicon Valley big tech giants own them and large countries own it, we're going to let the users own it and let them monetize it,” he went on. “That's so important to us, but truly, it's a national security play.”

Bipartisan win or a Trump victory?

Rasner conceded that a successful purchase would prove a victory for Trump, by allowing him to claim he saved the platform and still addressed the security issues. But he further opined that Democrats would be on board with the efforts, including the investment with the sovereign wealth fund, due to the long-term benefits to the American people.

"President Trump gets the win. America wins. So Democrats can't complain about that,” he said. “America wins with a sovereign wealth fund, and it truly starts making money and becoming a massive investment vehicle for America. I can't understand how anyone would be against America, winning Americans, winning Americans being safer. So I don't think that this is a partisan issue.”

“I believe that Democrats and Republicans alike can get behind us, and it's a win-win situation,” he went on. “We're doing this for Americans... We get thousands of emails and messages from people excited about what's happening and how they can monetize and own their data. So I don't think it's a partisan issue, and I think Democrats are going to love the platform just as much as Republicans, and I look forward to sending their paychecks to them, too.”

Other bids

Rasner’s bid is not strictly unique in that other parties have also floated a government stake in the platform. Perplexity AI in late January floated a plan that would merge the companies and permit the U.S. government to claim 50% of the firm. In March, Reddit co-founder Alexis Ohanian joined with Project Liberty’s Frank McCourt in his bid to purchase the platform. YouTuber "Mr. Beast" has also discussed a bid, as has former Activision Blizzard CEO Bobby Kotick.

James Stephen Donaldson, the man behind the "Mr. Beast" personality, is making his effort as part of a broader coalition that also included Employer.com CEO Jesse Tinsley. “We’ve put together a very strong offer and we’re excited to have him,” Tinsley told Fox Business in February. “This is a group of some of the best minds in America.”