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TikTok gets another seven-day US reprieve

(ATF) The Trump administration on Wednesday November 25 granted ByteDance a new seven-day extension of an order directing the Chinese company to sell its TikTok video-sharing app, according to a court filing. 

The administration previously had granted ByteDance a 15-day extension of the order issued in August, which was set to expire on Friday.

President Trump on August 14 had directed ByteDance to divest the app within 90 days. The new deadline is December 4, TikTok said in the filing. Under pressure from the US government, ByteDance has been in talks for months to finalize a deal with Walmart and Oracle to shift TikTok’s US assets into a new entity.

TikTok declined to comment beyond the filing, according to Reuters.

ByteDance has made a new proposal aimed at addressing the US government’s concerns, Reuters said, citing a person briefed on the matter who declined to detail that proposal.

A US Treasury representative said the extension was granted to review a recently received “revised submission”.

ByteDance made the proposal after disclosing on November 10 that it had submitted four prior proposals including one in November that sought to address US concerns by “creating a new entity, wholly owned by Oracle, Walmart and existing US investors in ByteDance, that would be responsible for handling TikTok’s US user data and content moderation.”

Separate restrictions on TikTok from the US Commerce Department have been blocked by federal courts, including transaction curbs that TikTok said could effectively ban the app’s use in the United States.

A Commerce Department ban on Apple and Alphabet’s Google offering TikTok for download for new US users that had been set to take effect on September 27 has also been blocked.


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Jon Macaskill

Jon Macaskill has over 25 years experience covering financial markets from New York and London. He won the State Street press award for 'Best Editorial Comment' in 2016


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