Wyoming Financial Planner Pauses TikTok Acquisition Effort Tied to South Dakota Plans

Reid Rasner, a Wyoming financial planner and former US Senate candidate, has announced a pause on his proposed $47.45 billion bid to acquire TikTok, citing concerns over the Chinese parent company ByteDance’s approach to divestiture, with input from Argus Leader.

Rasner had previously expressed interest in locating part of TikTok’s US operations in South Dakota, a move that earned public support from South Dakota Governor Larry Rhoden.

In a press release posted to the Rasner Media website, the bid was described as “fully funded,” but halted “unless China makes substantial changes and demonstrates a genuine commitment to a transparent and lawful divestiture.” Rasner accused ByteDance of attempting to maintain control over TikTok’s core algorithm by spinning off a “diluted” US version of the app, a move he claims could continue to allow for manipulation and surveillance of American users.

The acquisition effort has been met with political and legal turbulence. Rasner recently filed a defamation lawsuit in Wyoming against former state senator Anthony Bouchard, alleging Bouchard’s social media posts negatively impacted the TikTok deal and harmed Rasner’s personal and professional reputation.

Rasner’s bid emerged shortly after the US Supreme Court upheld a federal law requiring TikTok to be sold or face a ban in the United States. President Biden signed the law earlier this year, and President Trump has twice extended the deadline for a sale, currently set for September 17.

Rasner launched his media venture, Rasner Media, in February following the Supreme Court decision. Through the initiative, he promoted the TikTok acquisition as a populist effort, describing it as the “most Trumpian” bid and offering potential financial dividends to content creators who supported the deal.

The proposal received attention not only for its political backing but also for financial scrutiny. Rasner has been referred to as a “Wyoming billionaire” in promotional materials, though investigations by South Dakota Searchlight raised questions about the accuracy of that claim. Financial records from his 2024 Senate campaign revealed modest earnings and significant self-funding through loans from a family trust.

Governor Rhoden, who had appeared with Rasner during a May press conference at Dakota State University, later clarified that no official agreements had been made with the state. However, he reiterated that hosting part of TikTok’s operations in South Dakota would be a beneficial opportunity.

As of now, Rasner has not disclosed any investors behind his TikTok bid.