TikTok ban delayed: When is the new deadline and who is in the race to buy Chinese app?
Trump added that he looked forward to working with TikTok and China to close the deal, and that he did not want the app to "go dark."
US President Donald Trump on Friday extended the deadline for the sale of ByteDance's assets of short video app TikTok in the country, saying that "tremendous progress" had been made but more work was needed to secure approvals.
“My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress. The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days,” Trump said in a post on his social media platform, Truth Social.
The Republican added that he looked forward to working with TikTok and China to close the deal, and that he did not want the app to "go dark."
“We hope to continue working in Good Faith with China, who I understand are not very happy about our Reciprocal Tariffs (Necessary for Fair and Balanced Trade between China and the U.S.A.!). This proves that tariffs are the most powerful economic tool and are very important to our national security! We do not want TikTok to “go dark.” We look forward to working with TikTok and China to close the Deal,” the post further said.
When is the new deadline for TikTok to get the deal done?
Before the new deadline announcement, ByteDance had until April 5, or Saturday, to carry out a “qualified divestiture” of TikTok’s business in the United States, as required by a national security law signed by former President Joe Biden in April 2024.
According to the new announcement, the Chinese company has until June 19 to reach a deal with a new buyer or face a ban in the US. A ByteDance spokesperson told Reuters that the company has been in talks with the US government regarding finding a solution, but an agreement hasn't been 'executed' yet.
Who is in the race to buy the Chinese app?
Several investors are reportedly interested in buying TikTok's US operations. These include Jeff Bezos' Amazon and a consortium led by OnlyFans founder Tim Stokely, Reuters reported.
According to the report, private equity firm Blackstone is also in discussion about joining ByteDance's non-Chinese shareholders. So is venture capital firm Andreessen Horowitz, to add outside funding to buy out TikTok's Chinese investors, as part of a bid led by tech giant Oracle.
