The Trump administration granted ByteDance a 15-day extension of a divestiture order that had directed the Chinese company to sell its TikTok short video-sharing app by Thursday.
TikTok first disclosed the extension earlier in a court filing, saying it now has until Nov. 27 to reach an agreement. Under pressure from the U.S. government, ByteDance has been in talks for a deal with Walmart Inc and Oracle Corp to shift TikTok’s U.S. assets into a new entity.
The Treasury Department said on Friday the Committee on Foreign Investment in the United States (CFIUS) granted the 15-day extension to “provide the parties and the committee additional time to resolve this case in a manner that complies with the Order.”
President Donald Trump in an Aug. 14 order had directed ByteDance to divest the app within 90 days. The Trump administration contends TikTok poses national security concerns, saying the personal data of U.S. users could be obtained by China’s government.
One big issue that has persisted is over the ownership structure of the new company, TikTok Global, which would own TikTok’s U.S. assets. In Tuesday’s court filing, ByteDance said it submitted a fourth proposal last Friday that contemplated addressing U.S. concerns “by creating a new entity, wholly owned by Oracle, Walmart and existing U.S. investors in ByteDance, that would be responsible for handling TikTok’s U.S. user data and content moderation.”
MacDailyNews Take: The saga continues.
TTK! Prost, everyone! 🍻