U.S. gives ByteDance new 7-day-extension for TikTok sale

The U.S. Treasury on Wednesday said it had given a new 7-day-extension to TikTok’s parent ByteDance for selling TikTok’s American business, according to a court filing.

“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, Reuters reported.

The short video-sharing app filed a petition on November 10 to challenge the Trump administration’s order of the original November 12 deadline, saying no substantive feedbacks have been received since the company offered detailed solutions to The Committee on Foreign Investment in the United States (CFIUS) in nearly two months.

The U.S. government on November 13 announced a 15-day extension until November 27, for the company to reach a deal with U.S. buyers.

ByteDance struck a deal with American companies Oracle and Walmart in September for setting up a new entity, TikTok Global, after which they can take up to a 20-percent stake, while ByteDance owns 80 percent, according to a TikTok statement earlier. But the deal was not finalized as Trump demands total U.S. control of the entity.

The TikTok sale dates back to August when Trump announced an executive order that set a 45-day deadline.