United States President Donald Trump again extended the deadline for the continuity of Tiktok operations in the US under Bytedance. The Chinese company has gained another 75 days to continue the sale of the platform, otherwise it is definitely banned from the US.
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The extension was announced by Trump on his social network, Truth. The president’s main argument was the need for greater supervision to ensure that all necessary approvals were signed. Trump also mentioned reciprocal tariffs against China.
“We hope to continue working in good faith with China, which we understand not to be very happy with us after reciprocal tariffs (necessary for fair and balanced negotiation between China and the US!),” Said the president, who claimed to want to work with Tiktok and China to complete the deal.
The White House negotiations about the future of Tiktok, used by about half of Americans, are joining around a plan for the largest non-Chinese investors of the controlling company bytedance to increase their participation and acquire application operations in the US, Reuters said.
The plan involves the creation of a US entity for Tiktok and the dilution of Chinese participation in the new business below the 20% limit established by US legislation, saving the application from an impending US ban, sources told Reuters.
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The platform has several interested in purchase, including Oracle and AppLovin. Others who have made offers so far have been Amazon, the founder of the Onlyfans website and the Andreessen Horowitz fund, among other large investors.
Susquehanna International Group, by Jeff Yass, and Bill Ford’s General Atlantic, both represented in the bytedance council, are leading discussions with the White House, Reuters said.
Walmart is also considering joining an investor group in an agreement for Tiktok, an ABC News reporter said in social media. The great retailer, who had expressed interest in investing in Tiktok in 2020, did not immediately respond to a request for commentary from Reuters.
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The biggest obstacle to any Tiktok business agreement in the US is the approval of the Chinese government. So far, Beijing has not publicly pledged to allow a sale.
(with Reuters)