It’s the third time the President has intervened at the 11th hour.
Transcript:
TikTok is getting yet another lifeline – a third to be exact. President Trump plans to sign an executive order this week allowing the Chinese-owned social media app to stay “up and running” in the US for an additional 90-days, while it searches for a buyer.
TikTok was supposed to go dark back in January after the Biden administration passed a bipartisan law banning it from US app stores for national security reasons – unless it was sold to an owner that isn’t controlled by a foreign adversary.
However, the ban only lasted for 14-hours before President Trump gave it an extension in January and then again in April. White House Press Secretary Karoline Leavitt said in a statement: “President Trump does not want TikTok to go dark. This extension will last 90 days, which the Administration will spend working to ensure this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure.”
So, TikTok’s parent company ByteDance will have three more months to comply with the law. And all 170-million Americans who use TikTok – including President Trump who has an account, can continue doing just that.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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