With just two weeks remaining before TikTok must either be sold to a US entity or face a nationwide ban, Wyoming entrepreneur Reid Rasner remains confident in his $47.45 billion bid to acquire the US operations of the platform, Cowboy State Daily reports.
Rasner, CEO of Omnivest Financial, is one of several contenders vying for control of the popular video-sharing app, competing with companies like Amazon, Oracle, Microsoft, Perplexity AI, and the owner of OnlyFans. His proposal is notable for allowing TikTok’s Chinese parent company, ByteDance, to retain a minority stake — a detail Rasner believes makes his offer both legally sound and commercially appealing.
“We believe ByteDance is ready for a deal,” Rasner said in a recent interview, noting that his proposal allows the Chinese firm to maintain up to 20% ownership in compliance with the new federal law. “It has to happen. Our bid fulfills the law to a T.”
The current deadline for a sale, extended twice by President Donald Trump, is June 19. Without a deal, TikTok could be banned across the US due to national security concerns. US officials from both major political parties have voiced apprehensions that the app could be used to collect sensitive user data for the Chinese government — claims ByteDance denies.
Rasner’s pitch also includes user-focused reforms. Under his plan, TikTok would become an adult-only platform, with a separate app — “KidsTok” — developed to offer educational content focused on STEM. In addition, users would have the option to retain full control over their data or participate in profit-sharing if they choose to share it.
“You’re already giving all your data away for free,” Rasner said. “We want to pay you for it. You own it, and you control it.”
While final approval of any deal will depend on ByteDance and regulatory review by the Committee on Foreign Investment in the United States (CFIUS), Rasner believes his proposal addresses national security concerns and public interest.
Members of Wyoming’s congressional delegation have echoed concerns about TikTok’s data practices.
Sen. John Barrasso stated, “The only way TikTok should operate in America is under the full control of an entity with zero ties to Communist China.”
Sen. Cynthia Lummis added that ensuring data protection is critical and expressed support for extending the sale deadline to allow for a compliant transaction.
Rasner’s proposal also includes a commitment to bring TikTok operations to Wyoming, a move he says could significantly boost the state’s technology profile and economic growth.
“I believe Wyoming can be at the forefront of all of this,” he said. “I’m from Wyoming and have always championed Wyoming.”
While the Governor’s office has not yet responded to the prospect of TikTok operations being based in the state, Rasner’s offer represents a bold local entry into a high-stakes global business negotiation.
