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TikTok Granted 15-Day Extension To Resolve National Security Concerns Before Sale

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TikTok Granted 15-Day Extension To Resolve National Security Concerns Before Sale

Chinese short-form video app TikTok has been given another 15 days by the Trump administration to resolve national security concerns before it is required to sell, reports Bloomberg.

What Happened: In August, an executive order was signed by President Donald Trump demanding that ByteDance sell TikTok to an American company or it would be banned in the U.S. over national security concerns.

The company was given 90 days to comply. TikTok has said it has been working since August to comply with the order.

"TikTok has actively engaged with CFIUS (Committee on Foreign Investment in the United States) in good faith to address its national security concerns, even as we disagree with its assessment," reports the BBC.

The company started a legal challenge against the Trump administration over plans to shut it down in the U.S.

Why It Matters: The political landscape is changing, with Democratic president-elect Joe Biden taking office in January.  

The world is waiting to see if Biden will take a similar approach toward China.

Oracle (NYSE: ORCL), Walmart Inc (NYSE: WMT) and Microsoft Corporation (NASDAQ: MSFT) have shown interest in buying TikTok.

Related Links:Mayer's Departure From TikTok 'A Huge Blow': Wedbush Analyst

 

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