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Why Is TikTok Delaying Its Sale?

A U.S. District Court judge, back in September blocked the ban on TikTok that was wanted by the Trump administration. The block was subsequently upheld by a federal court judge in the latter part of October. In spite of these rulings the Commerce Department’s Committee on Foreign Investment in the U.S. (CFIUS) made the statement that, even though the ban has been blocked in the courts, the order given by the President on August 14th, that forces TikTok to sell its U.S. operating offices to a U.S. company is still being enforced.

 

TikTok has addressed the issue by requesting an extension due to the COVID-19 pandemic, as well as the 2020 presidential election of Joe Biden. They also continued to express interest in their deals with Oracle. The request was granted and CFIUS has delayed the sale deadline to November 27th.

 

CFIUS had this to say: “The President’s August 14 Order requires ByteDance and TikTok Inc. to undertake specific divestments and other measures to address the national security risk arising from ByteDance’s acquisition of Musical.ly,” they continued. “This extension will provide the parties and the Committee additional time to resolve this case in a manner that complies with the Order.”

 

There is currently no information on the consequences TikTok would face, provided the company doesn’t meet the new deadline.

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