The Committee on International Funding in the USA (CFIUS) has given Chinese language firm ByteDance an extra seven days on its deadline to unload the U.S. operations of short-form video app TikTok. The brand new deadline is Dec. 4.
“The Committee on International Funding in the USA has granted ByteDance a one-week extension, from November 27, 2020, to December 4, 2020, to permit time to overview a revised submission that the Committee lately acquired,” a Treasury spokesperson wrote.
Earlier this month the U.S. Treasury Division prolonged the unique deadline of Nov. 12 to Nov. 27.
Following a overview this yr by the inter-agency group figuring out that the app was a menace to nationwide safety, President Donald Trump issued an govt order and the CFIUS issued a directive telling ByteDance it needed to “divest any tangible or intangible property or property, wherever positioned, used to allow or help ByteDance’s operation of the TikTok utility in the USA.”
Whereas ByteDance negotiated a deal with Walmart, Oracle, and a U.S. investor group to fulfill the federal government, negotiations appeared to stall and the corporate took its struggle to federal courtroom, the place it received a number of essential authorized battles together with a preliminary injunction order that stored the app from being banned within the U.S.