The US government has granted TikTok a stay of execution.
Earlier this week, TikTok filed a petition with the U.S. Court of Appeals on behalf of the DC Circuit to clarify its future. ByteDance, the parent company of TikTok, agreed to sell 20% of TikTok Global to Walmart and Oracle, making Oracle a “trusted technology partner” in the US.
The Department of Commerce ordinance does not address the CFIUS mandate that TikTok should sell its US assets. Rather, it affirms that TikTok can continue to operate in the US.
TikTok continues to await further guidance from the government on how to proceed with the sale of minority interests. President Donald Trump approved the deal in August. However, the transaction was never approved by the Chinese government, and Trump administration officials were silent on their demands in the weeks leading up to the election.