The directive to delay the enforcement of the TikTok ban in the United States was originally set for April 5th. President Donald Trump signed an executive order to postpone the enforcement for another 75 days, citing progress in negotiations but requiring additional time for certain details.
However, several news outlets have reported similar information that the agreement is close to being finalized. The reason for the delay is believed to be the Chinese government’s non-approval, possibly due to the announcement of a 34% tariff on imports from China.
ByteDance, the parent company of TikTok, has stated that the agreement must be approved by the Chinese government as well. According to The Verge, the plan involves establishing a new company that will own TikTok in America, with ByteDance holding 20% stake and the remaining ownership by American shareholders led by Oracle and existing ByteDance investors.
Source: The Verge, Reuters, The Hill
TLDR: The enforcement of the TikTok ban in the US has been delayed for 75 days, with negotiations ongoing and potential ownership changes in the works.
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