On Wednesday, November 25, the U.S. Department of the Treasury said it has extended the deadline for the TikTok sale order from November 27 to December 4, 2020, which “will allow the Committee time to review newly-received materials from Xiu’gai’guo.
A spokesperson for the U.S. Department of the Treasury said, “CFIUS has granted Byte Jump an additional week, from November 27, 2020 to December 4, 2020, to allow the committee time to review the newly-received, revised materials.
Suspected by the Trump administration of gathering information on American users for Chinese espionage operations that could harm U.S. national security, TikTok was required to be sold or blocked in the United States. The threat of multiple injunctions has been taken to various US courts, including Washington and Pennsylvania, which announced a temporary freeze on the injunctions on October 30.
Beijing’s permission is indispensable in order to satisfy the “takeover of TikTok by a U.S. company controlled by U.S. investors”: China’s Ministry of Commerce issued a new policy in August this year, amending the “Catalogue of Restricted Export Technologies,” which would allow Byte Jump to sell TikTok just got tougher. Earlier this year, Oracle and Walmart’s plans to acquire TikTok had begun to take shape, and while Trump gave his approval in September, the outlook is unclear as to how it will be implemented. At the same time, some of Trump’s immediate predecessors have expressed doubts about whether ByteTek will really no longer control the new company that will be formed after the sale.
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