979 ArchivesTrump administration extended the deadline for the owners of TikTok to sell their asset until June 19 just one day before the previous extension was set to take effect. While there's a bit more breathing room for a deal to be made, the clock is still ticking for a U.S.-based person, group, or company to strike a deal.
A host of potential owners of the social media site, including Amazon, Oracle, Microsoft, and Project Liberty have come forward. Some potential buyers are wary of the U.S. government allowing TikTok's Chinese operators to retain control of the app's algorithm and simply lease it to the U.S. buyer, according to ABC.
That could put the new owner in conflict with a law signed by President Biden last year that bans "the establishment or maintenance of any operational relationship" between the U.S. app and "any formerly affiliated entities that are controlled by a foreign adversary, including any cooperation with respect to the operation of a content recommendation algorithm."
TikTok's potential owners are reportedly worried about being sued by the U.S. government after the purchase, and want liability protection.
SEE ALSO: Trump delays TikTok ban for another 75 daysDoes that mean TikTok will shut down June 19 for its 170 million American users?
Trump has suggested he will extend the sale's deadline, likely via executive order, if a deal cannot be reached by Saturday. Trump already extended an earlier deadline for a ban or sale on his first day in office, January 20, and once again for a deadline on April 5.
The president says new tariffs announced on Chinese goods will give the U.S. government leverage over the TikTok sale. Still, China may not want to play ball with the U.S. during a widening trade war.
This story is developing...
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