TikTok pushing forward with deal to meet looming deadline
TikTok is pressing forward with plans for a sale of its U.S. operations ahead of a mid-September deadline, according to a person familiar with the matter, even as signs emerge that the video-sharing app is facing pressure to shut down rather than make a deal.
The app, owned by China’s ByteDance Ltd., is still considering bids from two possible buyers -- Oracle Corp. and Microsoft Corp., which has teamed up with Walmart Inc. TikTok intends to bring a proposal to the White House for approval before a deadline imposed by U.S. President Donald Trump, said the person, who asked not to be identified discussing internal plans. It will then be up to the Trump administration to approve a deal.
Reuters on Friday reported that the Chinese government has privately expressed that it would rather ByteDance close TikTok in the U.S. than be forced to sell its U.S. assets. In response to the report, a TikTok spokesman said, “the government has never suggested to us that we should shut down TikTok in the U.S. or any other market.”