TikTok Given 7-Day Extension For Sale of Its US Business by Donald Trump Administration
The US Department of Treasury on Wednesday said that the Committee on Foreign Investment in the United States (CFIUS) allowed the one week extension, from November 27 to December 4, in order to review revised submission.
Washington, November 26: The Donald Trump administration has granted China's ByteDance further seven-day extension to sell its short video-sharing platform TikTok's American business. The US Department of Treasury on Wednesday said that the Committee on Foreign Investment in the United States (CFIUS) allowed the one week extension, from November 27 to December 4, in order to review revised submission that the committee recently received, according to a report in Variety.
Citing national security concerns, the Trump administration had earlier ordered ByteDance to sell TikTok's US operations by November 12. That deadline extended to November 27 when the company received a 15-day extension to reach a deal with American buyers. The latest extension pushes the deadline to December 4. TikTok Fined USD 1,55,000 for Mishandling Children’s Data in South Korea.
If the revised proposal submitted by ByteDance is rejected by the Trump administration, TikTok could be effectively banned in the US. The company is also engaged in a legal battle to block such a potential ban. TikTok had earlier disclosed that it reached a deal with Oracle and Walmart to address security concerns raised by the Trump administration which had alleged that Chinese government could have access to data of the platform's American users. US Senate Votes to Ban TikTok From All Federal Government Devices; Bill to Be Presented in House of Representatives.
Both TikTok and China rejected the allegations. On August 6, Trump had issued an executive order banning US transactions with TikTok and ByteDance after 45 days, citing national security concerns. On August 14, Trump signed another executive order that forces ByteDance to sell or spin off its US TikTok business within 90 days, setting the deadline of November 12.
In September, Trump gave a preliminary approval for ByteDance to sell the app to US buyers, and then a potential deal among ByteDance, Oracle and Walmart emerged. However, the US administration had offered no feedback in nearly two months.
(The above story first appeared on LatestLY on Nov 26, 2020 04:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).