File picture: Reuters
File picture: Reuters

TikTok has until December 4 to finalise app sale

By Bang Showbiz Time of article published Nov 27, 2020

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London - Popular video sharing platform TikTok has been given more time to finalise a deal to sell its app.

Byte Dance - the video platform's parent company - will now have an extra week to sell its US operations after President Donald Trump's executive order over the summer which initially required the China-based firm to sell by November 12.

As reported by CNET, TikTok had asked the Committee on Foreign Investment in the United States for an extension, and the organisation - which looks at foreign acquisitions for national security risks - has pushed back the deadline for a second time.

Now, the company has until December 4 this year.

ByteDance has a preliminary deal agreed with Oracae and Walmart, but the agreement is yet to be finalised.

Furthermore, there has been some confusion over the terms, including how much control each company would have over TikTok, and whether this would properly address national security concerns.

In a statement, the Treasury Department - which houses CFIUS - revealed the committee was looking into a revised submission.

Meanwhile, TikTok itself says the administration hasn't given feedback on the company's proposals, while the app also insisted the government's concerns are unfounded.

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