After months of negotiations, a contract was finalised on Wednesday to take over Tiktok’s US operations to the new company, according to senior management.
Investors, including Oracle, Blackstone, Andreeson Horowitz, and others, negotiated and agreed to the terms of the ordinance and the Trump administration.
The plan was for President Donald Trump to sign an executive order to approve this week’s deal, causing a 120-day termination period, completing documents and funding.
Tiktok App Logo, August 22, 2022.
Dado Ruvic/Reuters, File
The ordinance would have maintained ownership of minority shareholders in the new company under the 20% threshold required by Congress.
All that remains was the Chinese government approving the transaction. Every aspect of the negotiation that is expected will occur.
However, on Wednesday afternoon, Trump announced his tariffs.
On Thursday morning, he was the representative of an ordinance called the White House to say that the Chinese government would not approve the contract until negotiations on Trump’s tariffs are made.
The deal remains within the scope of the emerging trade war between the US and China.
On Friday, Trump said he is extending the deadline for Tiktok, which will be banned or sold by China-owned parent company Bytedance.
The previous April 5 deadline will be pushed for 75 days, Trump said in a post on his social media platform. This is the second time he has pushed a deadline since he took office.
Tiktok’s negotiations were led by Vice President JD Vance, sources told ABC News. The deal is currently not being renegotiated with both investors and the White House.
The revival appears to depend on what happens in China’s negotiations with us about trade.
