Published: 15:25, November 26, 2020 | Updated: 10:02, June 5, 2023
US gives ByteDance new 7-day extension for TikTok sale
By chinadaily.com.cn via CGTN

The US Treasury Department on Wednesday said it has given a new 7-day-extension to TikTok's parent ByteDance for selling TikTok's US business, according to a court filing.

The extension was granted "to allow time to review a revised submission that the Committee recently received," according to a spokesperson for the US Treasury

"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 reports.

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The short video-sharing app filed a petition on Nov 10 to challenge the Trump administration's order of the original Nov 12 deadline, saying no substantive feedbacks have been received since the company offered detailed solutions to CFIUS in nearly two months.

The US government on Nov 13 announced a 15-day extension until Nov 27 for the company to reach a deal with US buyers.

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ByteDance struck a deal with US 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 US control of the entity.

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