ByteDance has earned more time to restructure ownership of its video sharing app TikTok in the US after the Trump administration granted another extension on a deadline for the business to be sold, reported the Financial Times.
The Committee on Foreign Investment in the US granted a one-week extension on the deadline, which was set to expire on Friday, the company’s lawyers and the US Treasury said on Wednesday.
The new timeline gives ByteDance until December 4 to secure an arrangement that resolves US national security concerns about TikTok or potentially be forced to sell the app’s US operations, said the FT.
The Treasury said the extension was granted “to allow time to review a revised submission that [Cfius] recently received”.