ByteDance, the company that created and owns the popular social media app, TikTok, has been given an extension on its deadline to sell the US portion of its business. According to reports by Bloomberg and Reuters, the US Treasury Department says that the deadline has been pushed back by one week to 4 December.
The new deadline, which was originally set to expire in two days, is definitely giving ByteDance some breathing room, although the company has declined to comment on the matter. According to Bloomberg, a Treasury spokesperson told the news portal that the delay was made so that it could review submission by the company to the Committee on Foreign Investment (CFIUS).
ByteDance’s woes began back in August when President Donald Trump signed an executive order that bans US companies from conducting business with TikTok, under the pretense of national security and protection of the US economy. And that the Chinese company relinquish its US operations to a US-owned company.
Eventually, ByteDance found two buyers in Oracle and Walmart, the former being the new secure cloud provider of data for its US users, while the latter will have a hand in injecting some of its commercial expertise into the app.
(Source: Reuters, Bloomberg, Engadget)
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