ByteDance faces a September 17 deadline to divest TikTok’s U.S. operations.
Transcript:
TikTok’s future in the U.S. continues to be in question.
Its parent company, ByteDance, faces a September 17 deadline to divest TikTok’s U.S. operations – or risk being shut down in the country. That’s tomorrow.
But there’s a potential deal on the table. Treasury Secretary Scott Bessent said Monday that the U.S. and China reached a “framework” agreement for the platform.
CNBC says the deal would involve both new and existing investors in ByteDance, with Oracle keeping its cloud contract. Sources say the agreement could close within 30 to 45 days.
This is the second time this year the two sides said they were close to a deal – the earlier March announcement ultimately fell through.
President Trump reportedly signaled he was willing to let TikTok go dark, and that threat “turned the tide” in the negotiations.
But for now, TikTok’s future in the U.S. still hangs in the balance.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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