As Tik Tok's sale deadline nears, White House assumes unprecedented role as dealmaker

In the closely watched sale of TikTok, the White House is playing the role of investment bank, with US Vice-President J.D. Vance running the auction.

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It is an unprecedented level of involvement in a private deal by the country's highest office that adds to the complexity of striking an agreement.

Mr Vance's lead counsel, former Federal Election Commission chair Sean Cooksey, is the main contact for bidders for TikTok's US assets, providing feedback and suggesting adjustments to their offers, according to bidder Reid Rasner, a Wyoming entrepreneur.

President Donald Trump said four different groups are bidding for the popular short-video app, which has 170 million users in the US and is facing shutdown in the country in April if Chinese owner ByteDance does not find an American buyer.

"A lot of people want it, and it's up to me," he said on March 9.

While it is not unusual for Washington to meddle in the private dealings of publicly traded companies for strategic reasons, the White House's direct oversight of the bidding process is extraordinary, said government ethics lawyer Richard Briffault, who teaches at Columbia Law School.

"I'm actually not aware of anything like this," he said. "This is at the highest levels of the government, and it's not clear this is a strategically significant company."

The White House did not respond to requests for comment from Mr Vance or his team.

TikTok did not answer a request for comment.

Mr Jeff Yass' Susquehanna International Group, General Atlantic, Kohlberg Kravis Roberts and Sequoia Capital are among ByteDance's US backers.