Trump signed an executive order extending the deadline for TikTok closing for 90 days.

Trump signed an executive order extending the deadline for TikTok closing for 90 days.

President Donald Trump has signed an executive order extending the deadline for TikTok's parent company, ByteDance, to sell the social media platform or face a nationwide ban in the United States. The new deadline is set for mid-September, providing an additional 90 days for ByteDance to comply with a bipartisan law that requires the app to separate from its Beijing-based parent company or face a prohibition [1].

The order, which was announced by White House Press Secretary Karoline Leavitt, aims to ensure that the American people can continue to use TikTok while their data remains safe and secure. Leavitt emphasized that the president does not want the platform to go dark and that the administration will work to facilitate a deal during the extended period [1].

This extension comes after multiple previous deadlines were set and extended. Initially, Trump had banned TikTok by executive order in his first term, arguing it posed a national security risk. However, courts thwarted that ban. Congress subsequently passed a law last year requiring TikTok to separate from ByteDance or face a permanent ban in the U.S. [1].

The new deadline of mid-September follows another extension that would have seen the deadline expire on Thursday, June 19. The potential buyers for TikTok include a group called Project Liberty, which is composed of billionaire Frank McCourt, "Shark Tank" star Kevin O'Leary, and Reddit co-founder Alexis Ohanian. Other interested buyers include AI startup Perplexity, Oracle co-founder Larry Ellison, mobile advertising company AppLovin, and Amazon [2].

The extension has attracted significant attention from various stakeholders, including investors and financial professionals, who are closely monitoring the developments. The potential acquisition of TikTok by a U.S. company has been seen as a strategic move to address national security concerns and ensure the platform's continued operation within the U.S. [2].

References:
[1] https://www.nbcnews.com/news/us-news/trump-extension-tiktok-rcna213625
[2] https://www.entrepreneur.com/business-news/tiktok-ban-deadline-extended-again-what-to-know/493493