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Tiktok Deal To Save App In US Imminent

A view of the TikTok app logo, in Tokyo, Japan, Sept. 28, 2020.

A board member at TikTok’s parent company, ByteDance, has indicated that a deal to prevent the app from disappearing in the United States is likely to be finalized soon. General Atlantic CEO Bill Ford, who sits on ByteDance's board, made the statement during an Axios-sponsored event in Davos, Switzerland.

Ford emphasized that it is in the best interest of all parties involved to ensure the app remains active. He mentioned that negotiations could be concluded by the end of the week and highlighted the importance of involvement from the Chinese government, the US government, the company, and the board in finding a resolution. Ford suggested that there are potential solutions that do not involve divestiture.

Negotiations could be completed by the end of the week.
General Atlantic CEO Bill Ford indicates TikTok deal nearing finalization.
Involvement from Chinese and US governments, ByteDance, and board crucial.

President Donald Trump recently signed an executive action that temporarily delays the enforcement of the TikTok ban for 75 days. This action instructs the US Justice Department not to enforce the Foreign Adversary Controlled Applications Act, which mandated a ban on TikTok in the US unless it was sold to an American or allied buyer. Trump had initially expressed willingness to consider a sale of only a 50% stake in TikTok and cited personal use of the app as a factor in his decision-making.

Trump has framed the TikTok situation as an opportunity for deal-making, asserting his authority to negotiate agreements. He characterized the US law banning TikTok as a potential business opportunity for the country and its tech industry allies.

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