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TikTok given One Week Extension To Finalize US Deal

Side by side image of Oracle and TikTok [Photo/Courtesy]

The Trump administration has given Chinese app, TikTok a one week extension on its deadline to finalize a deal with Oracle and Walmart. TikTok parent Company, ByteDance, has been in talks with the two american companies as it seeks to avoid a possible ban from the US.

US president Donald Trump in August issued an executive directive giving TikTok a 90 day ultimatum to sell its US operations or face a ban. Microsoft was initially considered a front-runner in the acquisition of the short video making company’s US operations.

However, in October, Oracle and Walmart expressed interest in a deal that would see TikTok transfer its US assets into their hands.

Read: Oracle Joins List Of Bidders Interested In Acquiring TikTok

The Committee on Foreign Investment in the US (CFIUS) has now granted TikTok a one week extension to finalize the deal. This follows a 15 day extension that had been offered after the deadline.

CFIUS said it wants time to “review a revised submission that the committee recently received.”

ByteDance early this month said they had gotten no feedback from the US government regarding the proposed deal.

Read also: TikTok Faces Backlash For Allegedly Propagating Violence, Racism

President Trump is meanwhile occupied with post-election plans that would see President-elect Joe Biden take over power once Trump concedes defeat in the concluded US general elections.

So far, Trump has opposed the election results, citing irregularities. He said that he would concede if Biden wins the congress.

ByteDance is also eager to see how the incoming president will take to Chinese businesses in the US.

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Written by Vanessa Murrey

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