Trump on Friday extended by 75 days a deadline for ByteDance to sell U.S. assets of the popular short video app to a non-Chinese buyer, or face a ban that was supposed to have taken effect in January under a 2024 law.
The deal had been approved by existing investors, new investors, ByteDance and the U.S. government, the source said.
“(We are) still in talks with the U.S. government, but no agreement has been reached, and the two sides still have differences on many key issues,“ the company said in a statement on its official account on Chinese social media platform WeChat.
The Chinese Embassy in Washington, asked about the status of a deal for TikTok, said in a statement: “China has stated its position on TikTok on multiple occasions. China has always respected and protected the legitimate rights and interests of enterprises and opposed practices that violate the basic principles of the market economy.”
“The deal requires more work to ensure all necessary approvals are signed,“ Trump said on social media, explaining why he was extending the deadline he set in January that was supposed to have expired on Saturday. “We hope to continue working in good faith with China, who I understand is not very happy about our reciprocal tariffs.”
Trump has said his administration was in touch with four different groups about a prospective TikTok deal. He has not identified them.
“We look forward to working with TikTok and China to close the deal,“ Trump wrote on Friday.
Congress passed the measure last year with overwhelming bipartisan support, as lawmakers cited the risk of the Chinese government exploiting TikTok to spy on Americans and carry out covert influence operations. Democratic then-President Joe Biden signed it into law.
The Justice Department in January told Apple and Google that it would not enforce the law, which led them to restore the app for new downloads.
The White House-led talks on the future of TikTok are coalescing around a plan for the biggest non-Chinese investors in parent company ByteDance to increase their stakes and acquire the app's U.S. operations, Reuters has reported.
Jeff Yass' Susquehanna International Group and Bill Ford's General Atlantic, both of which are represented on ByteDance's board, are leading discussions with the White House, Reuters has reported.
Walmart denied an ABC News report that it was also considering joining a group of investors in a deal for TikTok.
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