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TikTok logo in front of the company's office in California (USA). Photo: Bloomberg . |
On June 17, the White House said US President Donald Trump signed an executive order to continue to extend operations with TikTok, extending the time for parent company ByteDance to seek a divestment agreement from the platform in the US.
“As he has stated before, President Trump does not want TikTok to be shut down,” White House press secretary Karoline Leavitt said.
She emphasized that during the 90-day extension, the US government will ensure the completion of the agreement so that people in the country "continue to use TikTok with data guaranteed to be safe and secure."
According to Bloomberg , this is the third time Mr. Trump has extended TikTok since taking office in January. For now, TikTok is not banned in the US, although it is one of the causes of tension between the US and China.
For President Trump, the 90-day extension gives him more time to reach a complex deal that requires Chinese approval to sell TikTok to American investors.
Negotiations have been largely stalled due to tensions between the US and China over tariffs. In May, both sides accused each other of violating a deal reached in Geneva. Both sides are expected to resume talks in London in June to try to reduce tariffs.
According to the WSJ , the latest extension will end on June 19. Under an executive order signed by former President Joe Biden in April 2024, ByteDance must divest TikTok in the US by January 19 due to national security concerns.
After taking office in January, Mr. Trump first extended TikTok’s deadline before extending it again in April. However, the latest extension raises concerns about its legality because by law, the president can delay it once for up to 90 days if negotiations make “substantial progress.”
During the April extension, Mr Trump said the deal was “largely achieved”, but accused China of changing its stance due to tariff tensions between the two countries.
According to the proposal from the US government, some potential investors for TikTok in the US include cloud computing company Oracle, private equity firms Blackstone, Silver Lake, venture capital firm Andreessen Horowitz and Michael Dell, CEO of Dell Technologies, will hold TikTok shares in the US.
The new investor could own 50% of TikTok’s US shares, while ByteDance’s current investors are expected to own around 30%, according to insiders. This would mean the Chinese company’s stake in TikTok in the US would be less than 20%, meeting the ownership requirements under US security laws.
Oracle itself owns a small stake, which it plays a role in ensuring the safety of user data. The Trump administration was expected to close a deal with Oracle by the April 5 deadline, but China delayed approving the plan after Trump announced tariffs on several countries.
Source: https://znews.vn/ong-trump-lai-cuu-tiktok-post1561754.html
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