The president extends the date of sale of Tiktok until December 16, hereby the fourth extension is given to Bytedance. Tiktok needs to be sold to American companies if they want to continue operating in the country. The reason given by the previous Joe Biden administration is that Tiktok poses a US consumer data security risk.
In a recent development, sources say the announcement of Tiktok sales will be made as early as President Trump and Xi. Oracle, Silver Lake and 16Z are believed to hold about 80% of the stock of Tiktok American companies after sales. The remaining shares held by bytedance with the Tiktok algorithm will be maintained through the payment of licenses and the use of intellectual property.
Tiktok operations in the United States stopped in January after it failed to sell and the Tiktok and Capcut applications were removed from the American application store. Only after Trump's executive instructions were given, the platform with hundreds of millions of users were allowed to operate again. Among the companies that were announced to buy Tiktok earlier this year were Microsoft and MRBEast celebrities.