Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

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

11/13/2020 | 02:56pm EST
FILE PHOTO: A 3D printed TikTok logo is placed on a keyboard in front of U.S. flag in this illustration

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 and Oracle Corp 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.

President Donald Trump in an Aug. 14 order had directed ByteDance to divest the app within 90 days.

The Trump administration contends TikTok poses national security concerns, saying the personal data of U.S. users could be obtained by China's government. TikTok, which has over 100 million U.S. users, denies the allegations.

Trump has said the Walmart-Oracle deal had his "blessing."

One big issue that has persisted is over the ownership structure of the new company, TikTok Global, which would own TikTok's U.S. assets.

In Tuesday's court filing, ByteDance said it submitted a fourth proposal last Friday that contemplated addressing U.S. concerns "by creating a new entity, wholly owned by Oracle, Walmart and existing U.S. investors in ByteDance, that would be responsible for handling TikTok's U.S. user data and content moderation."

Separate restrictions on TikTok from the U.S. Commerce Department have been blocked by federal courts, including transaction curbs scheduled to take effect on Thursday that TikTok warned could effectively ban the app's use in the United States.

A Commerce Department ban on Apple Inc and Alphabet Inc's Google offering TikTok for download for new U.S. users that had been set to take effect on Sept. 27 has also been blocked.

(Reporting by David Shepardson; Editing by Jonathan Oatis, Dan Grebler, Louise Heavens and Richard Chang)

By David Shepardson

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.29% 1784.47 Delayed Quote.1.82%
APPLE INC. 0.54% 127.83 Delayed Quote.-4.18%
ORACLE CORPORATION -0.79% 61.29 Delayed Quote.-5.26%
WALMART INC. -0.86% 143.39 Delayed Quote.-0.53%
Latest news "Economy & Forex"
01/20Trump Has Granted Clemency To Steve Bannon - NYT
01/19BANK INDONESIA : The Republic of Indonesia Investor Relations Unit Investor Conference Call Jan 21st, 2021
01/19Business investments into Singapore rise 13%, highest in over a decade
01/19Oil rise on hopes of U.S. stimulus and crude stocks drawdown
01/19Hedge fund Elliott Management to shutter Hong Kong office
01/19Hedge fund Elliott Management to shutter Hong Kong office
01/19China's 2020 U.S. soybean imports surged though likely missed trade target
01/19APEC ASIA PACIFIC ECONOMIC COOPERATION : An Ecologist on the Global Impact of Wetlands for Climate Change Mitigation
01/19LME copper rises on U.S. stimulus hopes, softer dollar
01/19China shares rise on c.bank's liquidity boost; EV, healthcare stocks shine
Latest news "Economy & Forex"