Initially, the U.S. government gave the deadline of 20 September 2020 to TikTok and asked them for their decision or else they will ban this app, and no new user will be able to download this app but as the Oracle/Walmart deal was nearly done the United States gave extra time to the TikTok so that they can finalize the deal.
ByteDance is negotiating with US groups Oracle and Walmart over a deal to satisfy demands by US President Donald Trump that the Chinese company cede control of TikTok's US operations for national security reasons.
ByteDance has also said Oracle's ability to inspect TikTok's source code before investing is akin to previous instances of USA companies such as Microsoft Corp sharing source code with Chinese technology experts. Since the discussions for the India operations have petered out, the Japanese investor has become more active in the group negotiating for the USA assets, according to news reports. Chinese officials have not explicitly stated that the sale of TikTok would be affected by these regulations, but they do add a new level of red tape to bypass for the sale to go through.
It seems like yet another side effect of the current trade war.
On September 24, TikTok's owner said it has applied for a Chinese technology export license.
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Trump and the Chinese government both hinted at blocking a preliminary deal for Oracle and Walmart to take over TikTok as confusion erupted earlier this week over the deal's terms.
The Ministry warned the USA if it did not, it would face Beijing's countermeasures to "safeguard the legitimate rights and interests of Chinese companies".
Slate: "The Risks TikTok Poses Are Not at All Unique to TikTok" - "This article is part of the Free Speech Project, a collaboration between Future Tense and the Tech, Law, & Security Program at American University Washington College of Law that examines the ways technology is influencing how we think about speech".
TikTok Interim head executive Vanessa Pappas said the app could lose half of its user base if they are going to be banned for just two months.
In August, China expanded its rules on exporting AI-based technology, effectively requiring that any TikTok deal receive its blessing. Does Trump giving the okay to this deal seem weird?
Oracle said on Monday that ByteDance would not have a stake in TikTok Global and that it would be ByteDance's investors who would be awarded the remaining 80-per-cent stake.
The deal hasn't yet been accepted.