The Trump administration has extended a deadline for ByteDance to restructure ownership of its video app TikTok in the US, the Chinese company said on Friday, giving it more time to resolve national security concerns raised by the US government.
The Committee on Foreign Investment in the US granted a 15-day extension on Thursday, ByteDance said in a court filing.
ByteDance had been facing a November 12 deadline to finalise negotiations with Cfius or divest from TikTok in the US, under an executive order signed by President Donald Trump.
The company revealed in a legal filing earlier this week that it had proposed restructuring TikTok US as a new entity wholly owned by Oracle, the Silicon Valley tech group; Walmart, the retailer; and ByteDance’s US investors.
The Chinese company had asked for 30 more days to finalise a deal, which it claimed was being held up by unresponsiveness from the Trump administration.
This is a developing story