The news: TikTok is reportedly exploring a US-only version of the app amid ongoing discussions of a US ban and selloff, per The Information.

• The new app is said to align with the requirements of the Protecting Americans from Foreign Adversary Controlled Applications Act.
• Known internally as “M2,” the app will reportedly launch in September and will require users to download a new version to use TikTok in the US—though users will have several months to make the switch.
• The move would see TikTok parent company ByteDance maintain control over TikTok in other countries, but would limit its foreign ownership in the US.

Zooming out: The report follows recent claims by President Trump that a group of “very wealthy people” were lined up to purchase TikTok, though he did not name the prospective buyers. Trump has already delayed the TikTok sale three times.

TikTok’s reliance on the US market: The new app could position TikTok to remain a dominant force in US social media—a market it relies heavily on.