TikTok Given Final Extension to Sell Off its US Operations in December

The US has extended the deadline given to TikTok to sell off its US operations to avoid a ban.

For some months, ByteDance, TikTok’s parent company has been in negotiations with Walmart and Oracle about shifting TikTok’s US assets into their hands.

It follows an August directive from President Trump to find a buyer within 90 days or be shut down.

The US government said the move was necessary due to security concerns.

The Committee on Foreign Investment in the US (CFIUS) has now granted ByteDance a one-week extension to the previous 27 November deadline, which itself had been subject to several extensions.

CFIUS said it wanted time “to review a revised submission that the committee recently received”.

ByteDance has previously offered four different plans as options.

It said in November that it had had no feedback from the US government for two months.

With Joe Biden winning the US election, TikTok will be keen to find out what his approach to Chinese firms working in the US will be. However, the president-elect has not yet clarified what his stance will be on TikTok’s presence in the US.