President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the US due to its China ties, adding he could name the purchasers in two weeks.

By Krystal Hu NEW YORK (Reuters) -TikTok is preparing to launch a standalone app for U.S. users that is expected to operate on a separate algorithm and data system from its global app, laying the groundwork for a potential sale orchestrated by U.

TikTok may soon see a major change in its US operations, as reports suggest that the company is preparing to launch a redesigned version of its app for American users.

After months of speculation and multiple bids from would-be American buyers, TikTok may finally be getting a new owner.

Social media giant TikTok will launch a new version of its popular app to Apple's and Google's app stores on September 5, as part of an agreement to sell its US business looms.

Chinese short-video app TikTok, which is facing a potential ban in the U.S., may receive a reprieve, with President Donald Trump implying that a suitor to acquire the U.S. arm of the company has been found.

Donald Trump teased over the weekend that a buyer had been found for the social media company that would allow TikTok to continue operating in the US. | ITV National News

According to The Information, the existing app – referred to internally as "M" – will be removed from US app stores once the new version is