The Trump administration opted not to grant ByteDance a new extension of an order requiring the Chinese company to divest TikTok’s U.S. assets. Still, talks will continue over the short video-sharing app’s fate; two sources briefed on the matter said.
A Treasury Department representative said late on Friday the Committee on Foreign Investment in the United States (CFIUS) “is engaging with ByteDance to complete the divestment and other steps necessary to resolve the national security risks.”
Last week, CFIUS granted TikTok parent ByteDance a one-week extension until Friday over the order to shed TikTok’s U.S. assets.
President Donald Trump’s August order gave the Justice Department the power to enforce the divestiture order once the deadline expired. Still, it is unclear when or how the government may seek to compel divestiture.