TikTok logos are seen on smartphones in entrance of a displayed ByteDance emblem on this illustration taken November 27, 2019.
Dado Ruvic | Reuters
ByteDance has been given one other week to unload TikTok’s U.S. enterprise and keep away from a ban, in accordance with studies.
The Committee on International Funding (CFIUS) has instructed ByteDance, the Chinese language guardian of TikTok, it now has till Dec. 4 to safe a deal. The extension comes after the unique deadline of Nov. 12 was pushed back to Nov. 27.
A spokesperson for the Treasury instructed the Monetary Occasions and the BBC that CFIUS had granted the extension “to permit time to overview a revised submission” that it has lately obtained.
President Donald Trump instructed ByteDance on Aug. 14 that it should discover a appropriate purchaser for TikTok’s U.S. enterprise in 90 days or face being blocked within the nation. Trump signed a CFIUS directive on the time, saying the brief video app offered a nationwide safety danger. TikTok has repeatedly denied it poses any such danger.
The directive states ByteDance should “divest any tangible or intangible belongings or property, wherever situated, used to allow or assist ByteDance’s operation of the TikTok software in the USA.”
Walmart and Oracle have been discussing a possible deal for months however nothing has materialized. Different corporations, together with Microsoft, had been additionally within the operating at varied factors.
Earlier this month, CNBC reported that TikTok hasn’t had significant dialogue with CFIUS for weeks. On the time, executives at TikTok had been nonetheless focused on finishing a expertise partnership with Oracle to fulfill nationwide safety issues — even when President-elect Joe Biden is not as involved with TikTok’s danger profile underneath Chinese language possession.
The U.S. Treasury and TikTok didn’t instantly reply to CNBC’s request for remark.