Respecting Donald Trump’s ultimatum may prove to be an impossible mission for the ByteDance group, owner of TikTok, according to Bloomberg.
The app remains under threat of ban if it is not taken over by a US company by September 20. Now a new Chinese regulations requires a detailed review and approval of the country’s authorities on all technical and financial matters. A provision of Beijing developed precisely to slow down the process.
Donald Trump seems inflexible
The US president said yesterday that there was no question of extending the deadlines. “We will close TikTok in this country for security reasons or it will be sold”, he reaffirmed to the press.
However, the Committee on Foreign Investments (CFIUS) in the United States has set a deadline for its part in mid-November. The Microsoft / Oracle alliance does not seem discouraged by these difficulties and remains a candidate for the takeover.
ByteDance therefore finds itself caught in the crossfire, both under pressure from the United States and China. Group founder Zhang Yiming would also like to keep a stake in TikTok, which would complicate negotiations.
In the event that the sale fails, ByteDance is counting on its legal process as it has launched an action to block the executive order of the US president. Analysts estimate TikTok’s U.S. operations are worth at least $ 20 billion.