Musk acquired X (then Twitter) in October 2022 after a highly publicized back and forth, in which he gave up on the acquisition midway but ultimately closed the deal, paying $44 billion for the platform. X's user base has been on a decline since the acquisition, and advertising revenues have plummeted.

Chinese officials reportedly want ByteDance Ltd. to remain the owners of TikTok but is in discussion on how to work with the Trump Administration.

The app’s availability in the U.S. has been thrown into jeopardy over data privacy and national security concerns.