ByteDance gets 15-day extension on U.S. order to divest TikTok - Treasury

[Eugene]

Source: Reuters

APAC
NOVEMBER 13, 2020 11:14 AM UPDATED AN HOUR AGO

ByteDance gets 15-day extension on U.S. order to divest TikTok - Treasury

By David Shepardson
3 MIN READ

WASHINGTON (Reuters) - The Trump administration granted ByteDance a 15-day extension of a divestiture order that had directed the Chinese company to sell its TikTok short video-sharing app by Thursday.

TikTok first disclosed the extension earlier in a court filing, saying it now has until Nov. 27 to reach an agreement. Under pressure from the U.S. government, ByteDance has been in talks for a deal with Walmart Inc WMT.N and Oracle Corp ORCL.N to shift TikTok's U.S. assets into a new entity.

The Treasury Department said on Friday the Committee on Foreign Investment in the United States (CFIUS) granted the 15-day extension to “provide the parties and the committee additional time to resolve this case in a manner that complies with the Order.”

ByteDance filed a petition on Tuesday with the U.S. Court of Appeals for the District of Columbia challenging the Trump administration divestiture order.

ByteDance said on Tuesday CFIUS seeks “to compel the wholesale divestment of TikTok, a multibillion-dollar business built on technology developed by” ByteDance and based on the government’s review of the Chinese company’s 2017 acquisition of Musical.ly.

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Read more: https://www.reuters.com/article/us-usa-tiktok/bytedance-gets-15-day-extension-on-u-s-order-to-divest-tiktok-treasury-idUSKBN27T2FF

[abqtommy]

1. To paraphrase: Oh tRUMPy, ask not for whom the Tik-Toks, it Toks for thee! You lardass...