In this picture illustration, the brand of TikTook is displayed on a smartphone display screen on April 5, 2025 in Shanghai, China.
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President Donald Trump on Tuesday prolonged the deadline for ByteDance to divest TikTook’s U.S. enterprise, which might be owned by an investor consortium that features Oracle and Silver Lake, CNBC’s David Faber reported.
It’s the fourth time Trump has prolonged the deadline. The extension, as described in an executive order, precludes the Department of Justice from implementing a national security law that may successfully ban TikTook within the U.S. till Dec. 16.
U.S. Treasury Secretary Scott Bessent revealed on Monday {that a} “framework deal” had been reached involving TikTook. Under the nationwide safety legislation, which might have come into impact on Wednesday, app retailer operators like Apple and Google and web service suppliers could be penalized for offering companies to TikTook’s U.S. operations if a deal was not reached.
Under the framework deal, about 80% of TikTook’s U.S. enterprise could be owned by an investor consortium that features Oracle, Silver Lake and Andreessen Horowitz, the Wall Street Journal on Tuesday reported. As a part of the association, current U.S. customers would wish to shift to a brand new app, in keeping with report.
Trump and Chinese President Xi Jinping are anticipated on Friday to debate the phrases of the TikTok-related deal that Treasury Secretary Scott Bessent revealed on Monday.
The deal, which is predicted to shut within the subsequent 30 to 45 days, consists of new traders, current ByteDance traders and can end in Oracle sustaining its cloud computing settlement with TikTook, CNBC’s David Faber reported earlier on Tuesday.
Bessent stated Tuesday throughout CNBC’s Squawk Box that Trump was prepared to let TikTook “go dark,” which spurred China to conform to a deal. The Treasury Secretary stated that the deal’s business phrases had already been finalized “in essence” since March or April, however China put the deal on maintain following Trump’s robust tariffs and commerce insurance policies.
“We were able to reach a series of agreements, mostly for things we will not be doing in the future that have no effect on our national security,” Bessent stated Tuesday.
A senior White House official stated in an announcement that, “Any details of the TikTok framework are pure speculation unless they are announced by this administration.”
TikTook didn’t reply to a request for remark.
WATCH: Trump’s willingness to let TikTok go dark motivated China to make deal.
