TikTok Parent Company ByteDance Given Another Week to Find a Buyer-news

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It looks like popular video-centric social media platform TikTok’s status in the United States is safe, for another short period of time, at least.

“The Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a one-week extension, from November 27, 2020 to December 4, 2020 to allow time to review a revised submission that the Committee recently received,” a Treasury spokesperson said in a statement.

This is all part of an ongoing process that dates back to August, when President Donald Trump concluded that ByteDance and its TikTok app were a major risk to national security. His administration ordered ByteDance to sell its US-based business, which the US Commerce Department followed up with an order to block TikTok downloads in the US.

Trump later announced a deal that had been approved “in concept” between Walmart and Oracle to create the US-based “TikTok Global.” However, as no movement has been made on that front, ByteDance was issued a new deadline for the deal, from Nov. 13 to Nov. 27.

ByteDance’s newly granted extension gives it another week to reach some sort of deal. It’s currently unclear if the deal between Walmart and Oracle will materialize, or if ByteDance is still on the move when it comes to finding a buyer. TikTok has repeatedly denied posing any security risk to the United States or otherwise.

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