Technology

TikTok: 15-day deadline to restructure its assets in the US

The US government granted TikTok a 15-day delay on Friday. This will allow ByteDance, the Chinese owner of the social network, to restructure its operations in the US. Therefore, the risk of an app ban in the country is reduced.

ByteDance now has until November 27th to reach an agreement to sell its assets with US companies. The group must do everything possible to reassure Donald Trump, who accused TikTok of sucking user data for disclosure to China.

Donald Trump signed a decree in August that forced ByteDance to sell its American operations within 90 days. The American President spoke of a threat to the “national security of the United States”. It turns out that this deadline expired last Thursday. TikTok therefore asked the US government for news to find out about their fate. The message has since arrived in another 15 days.

At the end of September, ByteDance and TikTok offered to found a new company in which Oracle is a technology partner in the USA. The other group would be Walmart as a business partner. According to this project, Oracle and Walmart would acquire a 20% stake in a company called TikTok Global, which is responsible for the platform’s global operations and is headquartered in the United States. The project seemed to suit the U.S. government, but TikTok is still waiting for the green light.

The delay granted by CFIUS comes after a decision by the commercial department on Thursday. It had allowed TikTok not to fall within the scope of another decree that also threatened the ban platform.