The White House previously set a deadline of Sept. 20 for the Chinese-owned company to announce a plan to sell TikTok’s U.S. operations to a U.S. corporation, or face a shutdown in the United States by Sept. 29. Any such deal would have to be completed by Nov. 12.
The company had been negotiating to sell TikTok’s U.S. operations to Microsoft in partnership with Walmart, or Oracle. A deal was close to completion, prompting CEO Kevin Mayer to announce his resignation.
However, the sale hit a snag after Chinese officials introduced new restrictions on technology exports that could require Chinese approval for TikTok to sell its algorithm, which is part of the core value of the app.
CNBC’s Julia Boorstin contributed to this report.
Source Article from https://www.cnbc.com/2020/09/09/bytedance-us-government-talking-about-avoiding-full-sale-of-tiktok.html
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