After months of negotiations, an agreement to submit the operations of the United States of Tiktok to a new company with major American property was finalized on Wednesday, senior administration officials.
Investors – who included Oracle, Blackstone, Andreeson Horowitz and several others – Bytedance and the Trump administration negotiated and agreed.
The plan was for President Donald Trump to sign an executive decree to approve the agreement this week, triggering a 120 -day closing period to finalize documents and financing.
Tiktok App Logo, August 22, 2022.
Dado Ruvic / Reuters, file
Bytedance would have maintained a minority property in the new company, under the 20% threshold required by the Congress.
Everything left was that the Chinese government approved the agreement – something that all sides of the negotiations were waiting for.
However, Wednesday afternoon, Trump announced his prices.
Thursday morning, the representatives of Bytedance called the White House to say that the Chinese government would not approve of the agreement as long as negotiations could be held on Trump’s prices.
The agreement remains in limbo, hostage to the emerging trade war between the United States and China.
Trump said on Friday that he was extending the deadline for Tiktok to be banished or sold by his parent company belonging to Chinese, Bytedance.
The previous deadline of April 5 will be pushed 75 days, said Trump in an article in his social media platform. This is the second time that it has pushed the deadline since its entry into office.
Tiktok negotiations were led by Vice-President JD Vance, sources told ABC News. The agreement is not currently renegotiated with investors and the White House which was both stood.
The renewal seems to depend on what is happening with the negotiations of the United States and China on trade.
