President Trump in August ordered Beijing-based byte-hopping company TikTok to divest assets of short-form video app TikTok in the U.S. or else ban it, but the effective date was delayed because negotiations were not completed.
The U.S. government decided on Friday (Dec. 4) not to postpone, but negotiations are expected to continue.
Reuters, citing two sources with knowledge of the matter, exclusively reported that negotiations between the U.S. government and ByteDance are expected to continue on the TikTok issue.
The Committee on Foreign Investment in the United States (CFIUS) agreed last week to give byte-hopping another week to divest its U.S. assets, that is, until the 4th of July.
The U.S. Treasury Department said it agreed to the seven-day extension in order to review the revised written information it had only recently received. ByteBounce’s previous proposal included the creation of a new business entity, owned by Oracle, Walmart and ByteBounce’s existing U.S. investors, that would handle user information and content review for TikTok in the United States.
President Trump’s order to divest TikTok’s U.S. assets on national security grounds gives the Justice Department the authority to enforce the order after the deadline, but it is unclear when and how the government will enforce it.
The Departments of Justice and Treasury have not yet responded to Reuters’ inquiries, while the White House and TikTok had no comment.
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