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ByteDance has bought more time to restructure ownership of its TikTok video-sharing app in the US after the Trump administration granted another extension on the company’s sale deadline.
The Committee on Foreign Investment in the United States granted a one-week extension to the term, which was due to expire on Friday, lawyers for the company and the US Treasury said Wednesday.
The new timeline gives ByteDance until December 4 to secure a deal that addresses US national security concerns about TikTok or potentially be forced to sell the app’s US operations.
The Treasury said the extension was granted “to allow time to review a revised submission that [Cfius] recently received “.
This is the second time that ByteDance has bought more time from Cfius to finalize a deal, following months of negotiations between the Chinese company, American investors and the administration of President Donald Trump.
This month, ByteDance said it had submitted a proposal to restructure TikTok’s US operations as a new entity wholly owned by Silicon Valley tech group Oracle; Walmart, the retailer; and US investors from ByteDance.
The Chinese company had previously sought to retain a majority stake in TikTok, presenting a sticking point in the negotiations.
In September, Trump gave preliminary approval to a deal that would create a new US-based TikTok Global entity, with Oracle overseeing the security of US users’ data. But it later appeared to backtrack after ByteDance and Oracle released conflicting statements about who would own the new entity.
ByteDance has asked a court to review an executive order signed by Trump that could force him to sell TikTok in the United States. The company also accused the White House of delaying approval of its previous proposal, which it believed would satisfy national security concerns.
“In the nearly two months since the president gave preliminary approval to our proposal to address those concerns, we have offered detailed solutions to finalize that deal, but have not received substantive comments on our comprehensive data privacy and security framework,” he said. ByteDance above. this month.
Separately, ByteDance has obtained a pardon against the Commerce Department rules that would have effectively banned the app in the US this month after a federal judge granted a preliminary injunction against the ban. Lawyers for the Justice Department have appealed the court order.
ByteDance declined to comment on Wednesday’s extension.
Additional information from James Politi in Washington
