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After months of negotiations, an agreement on the transfer of Tiktok operations to the United States to a new company with a majority of US property was finalized on Wednesday, according to senior administration officials.
Investors – including Oracle, Blackstone, Andreeson Horowitz and several others – Bytedance and the Trump administration have negotiated and agreed to the terms.
The plan was for President Donald Trump to sign an enforcement order to approve the deal this week, provoking a 120-day closure period to finalize documents and financing.
Tiktok app logo, August 22, 2022
Dado Ruvich/Reuters, File
Bytedance would retain the minority ownership of the new company, below the 20%threshold required by Congress.
All that remained was the Chinese government to approve the deal – something would happen from all sides of the expected negotiations.
On Wednesday afternoon, however, Trump announced his rates.
On Thursday morning, Bytedance representatives called the White House to say that the Chinese government would not approve the deal until negotiations could be held at Trump’s rates.
The deal remains in Limbo, hostage to the emerging trade war between the US and China.
On Friday, Trump said it extended the Tiktok deadline to be banned or sold by its Chinese -owned company bytedance.
The previous period of April 5 will be pushed for 75 days, Trump said in a publication on his social media platform. This is the second time he pressed the deadline after his entry into office.
Negotiations on Tiktok were led by Vice President JD Vance, sources told ABC News. Currently, the deal is not renegotiated with the investors and the White House that stands.
The Renaissance seems to depend on what is happening with the negotiations in the US and China about trade.
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