CFIUS Extends TikTok Divestiture Deadline to Dec. 4

The Committee on Foreign Investment in the United States (CFIUS) has given Chinese company ByteDance an additional seven days on its deadline to sell off the U.S. operations of short-form video app TikTok. The new deadline is Dec. 4. 

“The Committee on Foreign Investment in the United States 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 wrote.

Earlier this month the U.S. Treasury Department extended the original deadline of Nov. 12 to Nov. 27. 

Following a review this year by the inter-agency group determining that the app was a threat to national security, President Donald Trump issued an executive order and the CFIUS issued a directive telling ByteDance it had to “divest any tangible or intangible assets or property, wherever located, used to enable or support ByteDance’s operation of the TikTok application in the United States.”

While ByteDance negotiated a deal with Walmart, Oracle, and a U.S. investor group to satisfy the government, negotiations seemed to stall and the company took its fight to federal court, where it won several important legal battles including a preliminary injunction order that kept the app from being banned in the U.S.

Source: Read Full Article