US President Donald Trump extended the deadline for Tikhak to find a non -Chinese buyer by 75 days, giving the company until June 19 to finish the finishing of a solution.
This extension comes after Trump stated in fact that his administration has made great progress in negotiating a deal for US Tiktok.
The video sharing application, with more than 170 million users in the United States, is threatened by a law requesting its Chinese owner, Bouetans, to sell the application or facing the closure in the country. While the US government is pushing for the sale of the application, a few details have been revealed about potential buyers.
Bytedance confirmed continuous talks with the United States government, but warned that “major matters” have been unleashed. The company confirmed that any final deal requires approval under Chinese law.
The proposed deal includes many investors, including Oracle and Blackstone and perhaps Walmart, who will help reduce the BYTEDANCE share in the new independent global entity of Tiktok.
The American government’s concerns about the ties of China in China stems from national security concerns, with the belief that the application can be used to influence American interests. In January 2020, Trump began a ban on Tiktok, which was temporarily delayed, and the application was restored in American application stores.
Current negotiations also include the valuable algorithm of the application, which indicate some reports indicating that it may be licensed by Bytedance, although this arrangement can conflict with the intention of the law designed to reduce the impact of China on the platform.
