TikTok Sale Deadline Extended to December 4 by US Treasury

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The US Treasury on Wednesday stated it had prolonged by seven days the November 27 deadline given to the Chinese language proprietor of TikTok to promote the favored social media platform’s American enterprise.

“The Committee on Overseas Funding in the US (CFIUS) has granted ByteDance a one-week extension, from November 27, 2020 to December 4, 2020 to permit time to evaluation a revised submission that the Committee just lately obtained,” a Treasury spokesperson stated.

President Donald Trump’s administration has expressed nationwide safety considerations over the app, claiming it could possibly be used for Chinese language espionage and threatening to ban it.

The ban has been challenged in courts, together with a case in Washington and a separate submitting by the app’s “creators” in a Pennsylvania court docket, which blocked the ban on October 30, although the federal government is interesting that order.

Trump, who misplaced his bid for re-election this month, has claimed that TikTok, which has some 100 million US customers, can be utilized to gather knowledge on People for Chinese language espionage, a declare denied by the corporate.

The White Home has stated TikTok should change into a US agency managed by American traders to avert a ban.

However any plan would probably want approval from Beijing, which has balked at giving up management of its social media star.

China’s commerce ministry revealed new guidelines in August that added “civilian use” to a listing of the varieties of expertise which are restricted for export, which might make it tougher for ByteDance to promote TikTok, which options clips of every thing from dance routines to politics.

A deal appeared to take form earlier this yr which might permit Silicon Valley big Oracle to be the info associate for a newly included TikTok World, with Walmart becoming a member of as a business associate.

Whereas Trump signaled his approval for the plan, it has not been finalised and the prospects stay unclear.

The developments come amid heightened tensions between Washington and Beijing over commerce and nationwide safety, with the US administration having additionally banned Chinese language tech big Huawei from acquiring US expertise and from offers involving wi-fi networks.
 


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