TikTok took another toll after it’s forced sale deal didn’t go through after the latest deadline set by the Trump administration. The Chinese social media platform owned by ByteDance is still in advanced talks to negotiate the deal with the government to secure the sale operation though the deadline was extended multiple times in a few weeks.
The panel led by Treasury Department, the Committee on Foreign Investment in the US is reviewing ByteDance’s ownership of TikTok, had not approved a deal by the deadline on Friday, according to the two sources. Cfius (Committee on Foreign Investment in the United States) would not grant another extension after ByteDance already missed several deadlines in the past few weeks according to the sources.
The application won’t face any penalty or fine after missing several deadlines both the parties are still in advanced talks. Earlier this year in August, the Trump administration signed executive order to ban TikTok in the USA, as the administration stated that the application is gathering American’s private data to feed the Chinese government. As security concerns raised by Cfius, The ByteDance has been working on restructure operations of the TikTok application for more than a year to sort the concerns of the Treasury Department.