In a bid to save TikTok from being banned, U.S. President Donald Trump authorized an extension of the deadline for the social media giant to be sold to a U.S.-based owner. This move grants TikTok's parent company, ByteDance, an additional 90 days, or until September 17, to finalize a deal. Following two previous 75-day extensions provided earlier this year, this lifeline comes as a relief to the company and its U.S. user base. Trump expressed the possibility of achieving a favourable outcome, stating his belief that Chinese President Xi Jinping would agree to a TikTok sale to a U.S. company or group of investors. TikTok representatives have shown gratitude for Trump's decision, with the company's VP of global business solutions expressing confidence in a resolution at a recent advertising conference in France. As the company seeks to reach an agreement, potential U.S. suitors ranging from Amazon to consortiums fronted by notable investors like Reddit co-founder Alexis Ohanian have surfaced. However, the increasing trade tensions with China following an announced tariff in April seem to have disrupted these discussions. The legality of Trump continually postponing the ban deadline remains to be clarified, despite the Supreme Court's decision upholding current law, which allows the President to grant a one-time 90-day extension if Congress is notified about progress towards a "qualified divestiture".
TikTok Granted More Time to Secure US-Based Sale
TikTok receives further extension on ban, aiming to finalize a deal with U.S. buyer by September.
