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A deal to spin off the US assets of TikTok was put on hold after China indicated it would not approve the deal following President Donald Trump’s tariffs announcement this week, according to two sources familiar with the matter.
Trump on Friday extended by 75 days a deadline for ByteDance to sell US assets of the popular short video app to a non-Chinese buyer, or face a ban that was supposed to have taken effect in January under a 2024 law.
The deal, the structure of which was largely finalized by Wednesday according to one of the sources, would have spun off TikTok’s US operations into a new company based in the US and majority-owned and operated by US investors. ByteDance would hold a position of less than 20%.
The deal had been approved by existing investors, new investors, ByteDance and the US government, the source said.