US extends social networking site TikTok sale deadline by seven days
- The deadline to sell the American business of TikTok was extended to December 4
- President Trump’s administration has expressed security concerns over the app
- A deal over the selling of the TikTok’s American operations is yet to finalised with Oracle
The US Treasury on Wednesday said that it had provided a seven-day extension to the November 27 deadline given to the Chinese owner of the video-sharing social networking service TikTok to sell its popular American business, as per AFP report.
A Treasury spokesperson issued a statement saying, "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.”
President Donald Trump’s administration had expressed national security concerns over the app, alleging that TikTok was used for Chinese espionage, and had threatened to ban it.
The ban of the app was challenged in courts, including a case in Washington and also in a Pennsylvania court, which blocked the ban on October 30.
President Donald Trump has claimed that TikTok can be used to collect data on Americans for Chinese espionage, a claim which was denied by the company.
The White House has since stated that the social networking service TikTok must become a US firm with American investors at the helm to avoid a complete ban.
A deal over the selling of the TikTok’s American operations appeared to take place with Silicon Valley giant Oracle who would become a data partner for the newly incorporated TikTok Global with President Trump signalling his approval, however, the deal is yet to be finalised.
The sale of the social networking service TikTok comes amid heightened tensions between Washington and Beijing over trade and national security.