On Wednesday, the US Treasury said that time extended the Chinese owner of TikTok’s deadline of 27 November by seven days to sell the popular social media platform to American business.
‘ByteDance has been granted one more week from November 27, 2020, until December 4, 2020, by the United States Committee on Foreign Investment (CFIUS) to allow them time to review the updated proposal that the committee has received recently for Tiktok Sale,’ said a Treasury Speaker.
TikTok Sale Deadline Extended to December 4 by US Treasury
The administration of President Donald Trump raised fears regarding the app’s national security and alleged that it could be used for Chinese espionage and threatening to ban it. The ban has been challenged in courts, including a case in Washington and a separate filing by the app’s “creators” in a Pennsylvania court, which blocked the ban on October 30. However, the government is appealing that order.
Trump, who lost his election fight this month, suggested that the firm use TikTok with about 100 million US users to gather American info, an allegation that the company had rejected. TikTok must become a US firm owned by US investors to avoid a ban by the White House. The White House said. But any proposal will possibly involve Beijing’s permission, which has balked at giving up control of its social media star.
In August, the Chinese Commerce Ministry published new rules that added the “civilian use to a list of export-restricted techniques that would make it harder for ByteDance to sell TikTok, featuring clips from dance routines political life.
A partnership seems to have come into being earlier this year, allowing Silicon Valley’s giant Oracle as a data partner with TikTok Global, joining Walmart as a commercial partner. Trump has not finalized, and the possibilities remain uncertain, although Trump has signaled its approval for the plan.
The development comes in the midst of increased trade and domestic security tensions between Washington and Beijing. China’s tech giant Huawei and agreements on wireless networks were banished by the US administration.