Treasury Department Grants ByteDance 15-Day Extension on Order to Divest TikTok

The US Treasury Department granted ByteDance a 15-day extension of a divestiture order that had directed the Chinese firm to sell its short video-sharing app TikTok.

The US Treasury Department granted ByteDance a 15-day extension of a divestiture order that had directed the Chinese firm to sell its short video-sharing app TikTok.

The Treasury Department said on Saturday afternoon that the Committee on Foreign Investment in the United States 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 with the US Court of Appeals for the District of Columbia challenging the Trump administration divestiture order.

ByteDance said that the Committee on Foreign Investment in the United States 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 company’s 2017 acquisition of Musical.ly.

TikTok first disclosed the extension earlier in a court filing, saying it now has until November 30th to reach an agreement. Under pressure from the Trump administration, ByteDance has been in negotiations for a deal with Walmart and Oracle to shift TikTok’s American assets into a new entity.


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