A deadline set by the Trump administration for the forced sale of TikTok’s US assets is expected to come and go on Friday night without a final deal, according to people familiar with the discussions.
ByteDance, the Chinese parent company of TikTok, has filed a petition with a US appeals court challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok.
ByteDance is in discussions over a $2-billion financing round before listing some of its businesses in Hong Kong, people familiar with the matter said, as talks over a sale of TikTok to Oracle and Walmart stall.
Just as the Chinese duo of Jack Ma and Pony Ma have carved up major chunks of their country’s Internet businesses, the battle for control of 1.3 billion Indians’ data could become a two-horse race.
ByteDance is working with US regulators to resolve outstanding security concerns over its planned sale of a stake in TikTok, and the companies involved are bracing for the approval process to drag on past the November election.
A US judge has temporarily blocked a Trump administration order that was set to bar Apple and Google from offering Chinese-owned short video-sharing app TikTok for download on Sunday.
Just a few days ago, the TikTok deal looked like a win for China. Now its state-run media are denouncing it as “an American trap” and a “dirty and underhanded trick”.
Chinese state media blasted Oracle’s proposed deal with the hit video app TikTok, calling the agreement hammered out under pressure from the Trump administration a “dirty and underhanded trick”.
China is unlikely to approve an “unfair” deal Oracle and Walmart said they have struck with ByteDance over the future of video-streaming app TikTok, the state-backed Global Times newspaper said in an editorial.
The TikTok sale saga reached an apparent conclusion over the weekend when US President Donald Trump approved a deal. But the harmony was short-lived.