TikTok gets 75 more days

According to Mr. Trump, the TikTok deal needs more time to ensure all necessary approvals are signed. Photo: Bloomberg .

President Donald Trump on the afternoon of April 4 (US time) decided to give more time for investors to complete a complex deal to maintain TikTok's operations in the US, thereby avoiding a national ban on this short video application.

Mr Trump signed an executive order extending the deadline by 75 days to iron out the details of a potential deal.

"My administration has been working very hard to reach a deal to save TikTok and has made tremendous progress. The deal needs more time to ensure all necessary approvals are in place. That's why I'm signing an executive order to keep TikTok open for another 75 days," Trump said.

By 2024, TikTok's parent company, ByteDance, must divest or face a ban in the US, according to a US government law.

The US is concerned that TikTok’s ownership by ByteDance could make the app a tool for the Chinese government to conduct influence operations and collect data on US citizens. Under the new law, ByteDance must sell TikTok by April 5 or face being banned from operating in the US.

Previously, private equity fund Blackstone was one of the leading candidates considering investing a small stake in TikTok's US business.

If a deal is reached, Blackstone would join ByteDance's existing non-Chinese shareholders, led by Susquehanna International Group and General Atlantic.

Source: https://znews.vn/tiktok-co-them-75-ngay-post1543485.html