Bytedance gets 7-day extension for sale of TikTok's US business
Ankita Chakravarti November 26, 2020
TikTok ban got delayed in the US once again as the Bytedance-owned company has got a seven-day extension for sale its business to an American company. TikTok was previously granted a 15-day extension to sell its US business. However, the current deadline as per the company is December 4. Bytedance was in talks with Oracle and Walmart to finalize a deal.
As per a Variety report, it was revealed by a US treasury that the extension was granted to review a recently received "revised submission". "The Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a one-week extension, from November 27, 2020, to December 4, 2020, to allow time to review a revised submission that the Committee recently received," a Treasury Department spokesperson told the publication.
Earlier, the Trump administration had ordered Bytedance to sell the US business of TikTok to an American company by November 12. However, the deadline was extended till November 27 and then further pushed to December 4.
There was no information about what Bytedance had included in the revised submission. However, if the revised proposal submitted by Bytedance gets rejected by the Trump administration, TikTok could get banned in the United States.
However, Bytedance is already locked in a legal battle with the Trump administration to avert the TikTok ban in the United States.
The Trump administration has been trying to ban the Bytedance-owned app from August this year. President Trump had signed an executive order against the short video platform over national security concerns.
In September this year, TikTok had confirmed entering into a deal with Oracle and Walmart. TikTok's Vanessa Pappas had said, "We're pleased that today we've confirmed a proposal that resolves the Administration's security concerns and settles questions around TikTok's future in the US. Our plan is extensive and consistent with previous CFIUS resolutions, including working with Oracle, who will be our trusted cloud and technology provider responsible for fully securing our users' data. We are committed to protecting our users globally and providing the highest levels of security. Both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand the US as TikTok Global's headquarters while bringing 25,000 jobs across the country."
Donald Trump had approved TikTok's deal with Oracle and Walmart. He called the deal "fantastic" and also said that he has given his "blessing" to it."If they get it done, that's great, if they don't, that's OK too," Trump was quoted as saying.