TikTok’s U.S. Future Hangs in the Balance as Deadline Looms
The Trump administration has issued a stark warning to TikTok and its Chinese parent company ByteDance: find a U.S. buyer and secure China’s approval by September 17, or face a nationwide ban. Commerce Secretary Howard Lutnick confirmed that “Americans will have control” of the platform under any approved deal, marking the latest development in the ongoing saga surrounding the popular social media app.
The warning comes after Trump extended the ban deadline for a third time, having previously granted two 75-day reprieves since taking office in January. The original legislation, passed with bipartisan support in Congress due to national security concerns, requires ByteDance to divest its ownership of TikTok or face prohibition from U.S. app stores and web hosting services.
Trump has indicated that a “group of very wealthy people” are prepared to purchase TikTok’s U.S. operations, with Oracle reportedly playing a key role in overseeing the app’s algorithm and data collection under any potential deal. However, the success of any transaction hinges on approval from the Chinese government, which has previously opposed forced sales of Chinese tech assets.
Source: Variety