Less than a month after extending a deadline to ban TikTok for the third time, President Donald Trump informed reporters late Friday night that, “We pretty much have a deal,” regarding TikTok — though he did not provide specifics.

The details and timing of a potential deal are not clear. TikTok did not immediately respond to messages for comment on Monday.

Emarketer analyst Jeremy Goldman indicated that while TikTok is “reportedly planning” an American version of its app to adhere to legal constraints, the platform — should it roll out without the original TikTok algorithm — “risks losing the very personalization that drives user engagement.”

In other words, TikTok just isn’t TikTok without its algorithm.

“And getting millions to download a new app is no small feat, to say the least,” Goldman added.

Here’s what to know about where TikTok stands in the U.S. following Trump’s comments.

Extensions continue

Although lacking a clear legal foundation, Trump has persisted in prolonging the deadline for TikTok to circumvent a ban in the United States. This extension allows his administration additional time to negotiate a deal to transition the social media platform into American hands.

It is not clear how many times Trump can — or will — keep extending the ban as the government continues to try to negotiate a deal for TikTok, which is owned by China’s ByteDance. While there is no clear legal basis for the extensions, so far there have been no legal challenges against the administration. Trump has amassed more than 15 million followers on TikTok since he joined last year, and he has credited the trendsetting platform with helping him gain traction among young voters. He said in January that he has a “warm spot for TikTok.”

TikTok stays for now

For now, TikTok continues to function for its 170 million users in the U.S. Tech giants Apple, Google and Oracle were persuaded to continue to offer and support the app, on the promise that Trump’s Justice Department would not use the law to seek potentially steep fines against them.

Americans are even more closely divided on what to do about TikTok than they were two years ago.

A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from 50% in March 2023. Roughly one-third said they would oppose a ban, and a similar percentage said they weren’t sure.

Among those who said they supported banning the social media platform, about 8 in 10 cited concerns over users’ data security being at risk as a major factor in their decision, according to the report.

Trump said Friday that on Monday or Tuesday, the U.S. would take the proposal to Chinese leader Xi Jinping or one of his representatives. The president said he thinks they “probably” need China to approve the deal but he wasn’t sure they needed to.

When asked whether he was confident China would approve the deal, Trump said, “I’m not confident but I think so.”

He said that for the U.S., “we make a lot of money if the deal goes through.”

Who wants to buy TikTok?

Although it’s unclear if ByteDance plans to sell TikTok, several potential bidders have come forward in the past few months.

Aides for Vice President JD Vance, who was tapped to oversee a potential deal, have reached out to some parties, such as the artificial intelligence startup Perplexity AI, to get additional details about their bids, according to a person familiar with the matter. In January, Perplexity AI presented ByteDance with a merger proposal that would combine Perplexity’s business with TikTok’s U.S. operation.

Perplexity had no comment on Monday.

Other potential bidders include a consortium organized by billionaire business executive Frank McCourt, which recently recruited Reddit co-founder Alexis Ohanian as a strategic adviser. Investors in the consortium say they’ve offered ByteDance $20 billion in cash for TikTok’s U.S. platform. And if successful, they plan to redesign the popular app with blockchain technology they say will provide users with more control over their online data.

Among the possible investors are the software company Oracle and the investment firm Blackstone. Neither company immediately responded to messages seeking comment on Monday.