US grants 7-day extension for ByteDance’s TikTok divestment order

The US previously granted the internet titan a 15-day extension, which is set to expire today. The deadline has been pushed back to December 4, according to the filing.

A US treasury representative said the extension was granted to review a recently received “revised submission.” ByteDance recently made a new proposal that aims to address the US government’s concerns, a source told Reuters.

TikTok declined to comment on the possible divestment deal.

ByteDance previously said it had laid out four prior proposals, which include “creating a new entity, wholly owned by Oracle, Walmart, and existing US investors in ByteDance, that would be responsible for handling TikTok’s US user data and content moderation.”

Earlier this month, it was reported that the TikTok owner is set to record at least 180 billion yuan (US$27.2 billion) in advertising revenue in China for 2020. Meanwhile, ByteDance’s ecommerce platform is expected to reach around 150 billion yuan (US$22.7 billion) in gross merchandise value this year.

Currency converted from Chinese yuan to US dollar: US$1 = 6.58 yuan.