Tiktok: Another timeout to sell
The Committee on Foreign Investment in the United States granted the Chinese company “TikTok” another timeout.
Once again, the skirmishes between America and TikTok have returned to the fore. According to the court’s filing, the administration of US President Donald Trump granted ByteDance a new seven-day extension to an order directing the Chinese company to sell the pugnacious app to share short videos.
The Chinese company has bought more time to restructure ownership of its TikTok video-sharing app in the US.
The Treasury Department also said, “The Committee on Foreign Investment in the United States has granted a new one-week extension.”
The US administration had previously granted ByteDance a 15-day extension to the order issued in August, which was due to expire on Friday.
On August 14, President Trump directed the Chinese company to withdraw the app within 90 days.
As the TikTok app said in the court deposit, the new deadline is December 4.
|Deal with Walmart and Oracle|
Under pressure from the US government, ByteDance has been in talks for months to finalize a deal with Walmart and Oracle to transfer US TikTok assets to a new entity.
The Chinese company submitted a new proposal to address the US government’s concerns, according to what a person familiar with the matter said, and refused to give details of this proposal.
A representative of the US Treasury said: The extension was granted to review the revised submission that was recently received.
ByteDance also submitted the proposal after announcing on November 10 that it had submitted four previous proposals, including one in November.
|Establish a new entity|
The proposals also sought to address US concerns by establishing a new entity – wholly owned by Walmart, Oracle, and the current US investors in the Chinese company – responsible for processing US TikTok user data and modifying content.
And federal courts banned separate restrictions against TikTok from the US Department of Commerce, including restrictions on transactions, which TikTok said could effectively prohibit the app from being used in the United States.
Federal courts have also banned an order from the Commerce Department that forces Apple and Google to ban Tik Tok downloads for new users in the United States, and this ban was due to take effect on September 27.