The bold contingency plan would see Musk acquire TikTok's US operations if the embattled app fails to avert a looming ban that may come into effect on the last day of Joe Biden's presidency.  

Aside from all the geopolitical and economic implications, the deal might even go so far as to reshape the relationship between China and the United States.

For ByteDance Ltd, TikTok's parent company, the stakes could not be higher as it desperately fights the ban with an appeal to the US Supreme Court. 

But after oral arguments on January 10, the justices appear poised to uphold the legislation. 

TikTok's legal team has argued that banning the app violates American's First Amendment's free speech protections. However, national security concerns, underscored by the Supreme Court justices, may outweigh those arguments. 

The grim outlook for TikTok has spurred Beijing officials to explore alternative options, including the involvement of Musk, who may be uniquely positioned to bridge the divide between the world's two largest economies.

'Senior Chinese officials had already begun to debate contingency plans for TikTok,' sources familiar with the matter told Bloomberg. 

One intriguing possibility involves Musk's company, X (formerly Twitter), taking control of TikTok's US operations. 

With more than 170 million users, TikTok would provide Musk's platform with a massive user base and a treasure trove of data - and the perfect complement to his burgeoning AI enterprise, xAI. 

Such a move could help X attract advertisers while solidifying Musk's influence across social media, artificial intelligence, and global trade.

Musk's ties to Trump's administration adds another layer of intrigue to the potential deal. 

Having donated more than $250 million to Trump's re-election campaign, Musk is seen as a trusted ally by the incoming administration. 

It's not clear how much ByteDance knows about the Chinese government discussions or whether TikTok and Musk have been involved. It's also unclear whether Musk, TikTok and ByteDance have held any talks about the terms of any possible deal, Bloomberg reports.