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ByteDance Gets One More Week To Finalize TikTok U.S. Sale



TOPLINE ByteDance’s deadline to divest TikTok’s U.S. operation has been extended for a second time, giving the company until December 4 to finalize a deal with a U.S. company to avoid a ban of the popular video-sharing app, CNN reported.

KEY FACTS

A spokesperson for the Treasury Department told CNN that the Committee on Foreign Investment in the United States (CFIUS) has given the Beijing-based Bytedance a one-week extension to “allow time to review a revised submission that the Committee recently received."

This is the second time the video-sharing app has been given an extension to finish the deal as the original deadline of November 12 had been pushed to November 27.

Forbes has reached out to TikTok for a comment regarding the extension.

KEY BACKGROUND

Earlier this month, ByteDance had asked a federal appeals court to vacate the Trump administration’s order asking it to divest its U.S. business. In its filing the company had sought a review of the divestment order, claiming the order and the government’s assertion that TikTok is a national security threat were both unlawful and violated the company’s rights under the U.S. Constitution. The appeals court granted ByteDance time till December 14 to submit documents as part of its case against the U.S. government. Separately, the company had also asked for a 30-day extension to its November 12 deadline, something it was legally allowed to seek, but claimed that it hadn’t managed to have a “meaningful dialogue” with the CFIUS in the weeks leading up to the deadline. The company managed to avoid being shut down in the U.S. as the Commerce Department agreed to abide by a federal court injunction from October that had halted the ban.

TANGENT

In September, ByteDance announced plans to reorganize TikTok as a U.S.-based company with Oracle and Walmart agreeing to buy 20% of its stake as part of a pre-IPO financing round. The deal, which initially received Trump’s “blessing”, immediately ran into issues after ByteDance implied it would continue to retain control of TikTok. Trump threatened to shut down the deal and ban TikTok unless ByteDance had “nothing to do with” TikTok and Oracle had “total control.” It is unclear if the TikTok deal presently being reviewed by the CFIUS has any changes from the October proposal. However, any deal will also require clearance from Chinese regulators after Beijing updated its export controls list and added AI technologies — including ‘‘personalized content recommendation” tools like the one used by TikTok.

WHAT TO WATCH FOR

The impact of the incoming Biden administration on TikTok’s future is still unclear. Earlier this month, TikTok had told CNBC that it was still interested in completing its deal with Oracle even if the Biden administration doesn’t force them to do so. At the time a technology advisor to the president-elect’s transition team told CNBC it was “too early to say” Biden’s view on TikTok. However, earlier this year, the Biden campaign had asked all staffers to delete the app off their personal devices due to security concerns.

FURTHER READING : pg

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