U.S. grants ByteDance new seven-day extension of TikTok sale order - filing
Reuters
Published Nov 25, 2020 20:41
Updated Nov 25, 2020 21:00
WASHINGTON (Reuters) - The Trump administration on Wednesday granted ByteDance a new seven-day extension of a divestiture order that had directed the Chinese company to sell its TikTok short video-sharing app, according to a court filing. The Trump administration previously had granted ByteDance a 15-day extension of the order issued in August, which was set to expire Friday. The new deadline is Dec. 4, TikTok said. Under pressure from the U.S. government, ByteDance has been in talks for months to finalize a deal with Walmart (NYSE:WMT) Inc and Oracle Corp (NYSE:ORCL) to shift TikTok's U.S. assets into a new entity. The U.S. Treasury did not immediately comment Wednesday. ByteDance has made a new proposal aimed at addressing the U.S. government’s concerns, said a person briefed on the matter who declined to detail that proposal. It made the proposal after disclosing on Nov. 10 that it had submitted four prior proposals including one in November that sought to address U.S. concerns by "creating a new entity, wholly owned by Oracle, Walmart and existing U.S. investors in ByteDance, that would be responsible for handling TikTok’s U.S. user data and content moderation."
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Written By: Reuters
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