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| America will not extend the deadline to sell Tik Tok |
The Trump administration decided Friday not to grant ByteDance a new expansion that would require Chinese companies to sell US Tik-Tok assets. However, discussions continue over the fate of this short video sharing app.
CFIUS works with ByteDance. Treasury officials said more steps were needed to complete the sale and address national security risks.
Last week, the US Foreign Investment Commission extended ByteDance by a week in response to the order to sell US TikTok assets.
An executive order issued by US President Donald Trump in August authorizing the Justice Department to order the sale of US assets after the deadline. However, it is not clear when and how the government will attempt to enforce the sale.
Trump reportedly made a personal decision at a meeting of senior US officials not to approve a further extension.
The government previously extended the initial 90-day period to 15 days and extended the seven-day period, which will take effect on November 12.
The Trump administration has claimed that TikTok has caused national security concerns because the Chinese government could obtain personal information from US users.
The app, which has more than 100 million US users, denies the allegations.
Under pressure from the US government, Bytedance has been negotiating for several months to enter into contracts with Wal-Mart and Oracle to transfer US TikTok assets to a new entity to fulfill customer requests.
ByteDance has submitted a new proposal to address US government concerns. The new proposal came after the company announced on November 10 that it had submitted four previous offers (including one in November).
These proposals seek to address the issue by creating a new entity owned by existing US investors Walmart, Oracle, and ByteDance that will be responsible for handling US TikTok data.