Well, its 4 December 2020 deadline to sell quickly passed, with little word from the former US President about what to expect regarding TikTok. Now, it’s looking like President Joe Biden isn’t in a rush to ensure that deal gets done, at least according to The Wall Street Journal.
In fact, TikTok’s forced sale has reportedly been put on hold “indefinitely”, with President Biden choosing to review how the previous administration handled and responded to security risks from Chinese technology companies such as TikTok.
The Trump administration attempted to force the sale of TikTok over concerns about data and security. But, at the same time, Trump said he wanted the US Treasury to receive a lot “lot of money” from any sale.
TikTok is reportedly still trying to resolve various concerns outlined by the Committee on Foreign Investment in the US (CFIUS), and it’s even exploring sending data to a “trusted” third party to prevent the Chinese government from having any access to Americans’ data.
Although a sale isn’t completely dead yet, we suspect the terms and conditions surrounding one will be different if it does happen. The government also has to provide a response by 18 February to TikTok’s legal suit against divestiture.
It’s unclear how the Biden administration and US government will approach the matter, but we’ll keep you posted as we learn more.
Writing by Maggie Tillman.