In this illustration taken on 27 November 2019, the Tikok logo is seen on the smartphone in front of a displayed ByteDance logo.
Dadu Rouvik | Reuters
According to the report, ByteDance has been given another week to close Tiktok’s US business and avoid the ban.
The Committee on Foreign Investment (CFIUS) has told Teitalk’s Chinese parent ByteDance, it is now until December 4 to finalize the deal. The extension comes after the original deadline of 12 November. Pushed back on 12 November. 27.
A Treasury spokesman told the Financial Times and the BBC that the CFIUS had extended “to allow time for review of the amended amendments” that have recently been received.
President Donald Trump told ByteDance on August 14 that it should find a suitable buyer for Tiktok’s US business in 90 days or be blocked in the country. Trump signed a CFIUS directive at the time, stating that the short video app presented a national security risk. Tiktok has repeatedly denied facing any such risk.
The directive states that ByteDance must “partition any tangible or intangible assets or assets, wherever located, used to enable or support the TeatTalk application of the TeatTalk application in the United States.”
Walmart and Oracle have been discussing a possible deal for months, but nothing has been done. Other companies, including Microsoft, were also running at various points.
Earlier this month, CNBC reported that Tiktok has not had meaningful talks with CFIUS for weeks. At the time, TikTok executives were still interested in completing a technology partnership with Oracle to address national security concerns – even though President-Elect Joe Biden does not relate to TikTok’s risk profile under Chinese ownership.
The US Treasury and Tiktok did not immediately respond to CNBC’s request for comment.