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TikTok gets one more week to sell its US business

The Trump administration has given TikTok’s parent company a week more to finalize a US buyer and avoid ban.

The Committee on Foreign Investment (CFIUS) has told the parent company of TikTok – ByteDance; it has until December 4 to finalize a deal to sell off its US business to an American owner.

The extension comes after an original deadline of November 12 which was pushed back to the 27th of November.

Donald Trump had accused the video sharing networking service of being a threat to national security and ordered the sale of TikTok to American owners.

He accused the company, ByteDance, of giving the Chinese government access to user data upon request.

In August, Trump gave ByteDance 90 days to sell TikTok with a deadline set at November 12 after which new downloads and updates of TikTok would be banned from 20th September before banning the app completely on November 12th in the US.

ByteDance had put a proposal on the table to create a US Subsidiary called TikTok Global, part-owned by Oracle and Walmart. Although Trump did approve this, the deal to transfer control to Oracle and Walmart is yet to be approved by the US government and  Chinese regulators.

Trump’s administration on Wednesday gave the company until December 4 to conclude the proposed takeover deal by Oracle and Walmart, according to a spokesperson for the Treasury department.

“The Committee on Foreign Investment (CFIUS) has granted ByteDance a one-week extension to allow time to review a revised submission that the Committee recently received”, said the spokesperson.

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