President Donald Trump on Tuesday extended the deadline for ByteDance to divest TikTok’s U.S. business or be banned in the U.S. after a cabinet member on Monday said a “framework deal” had been reached.
The extension comes as The Wall Street Journal on Tuesday reported that under the framework deal, about 80% of TikTok’s U.S. business would be owned by an investor consortium that includes Oracle
, Silver Lake and Andreessen Horowitz. As part of the arrangement, existing U.S. users would need to shift to a new app, according to report.
This is the fourth time Trump has extended the deadline. The extension, as described in an executive order, precludes the Department of Justice from enforcing a national security law that would effectively ban TikTok in the U.S. until Dec. 16.
Under the law, which would have come into effect on Wednesday, app store operators like Apple
