TikTok logos are seen on smartphones in entrance of a displayed ByteDance emblem on this illustration taken November 27, 2019.
Dado Ruvic | Reuters
ByteDance is talking with the U.S. authorities about doable options which will enable it to retain some possession of the U.S. operations of TikTok, whereas satisfying regulators in each China and the U.S. These prospects embrace handing over operational management of TikTok information to a U.S. tech firm, whereas probably nonetheless holding on to some possession of property, an individual conversant in the method advised CNBC.
The Wall Street Journal previously reported Wednesday that ByteDance was working with the U.S. authorities on methods to keep away from a full sale. The discussions have been going down for months, the Journal reported, and the state of affairs stays stays fluid. It is nonetheless unclear if the Trump administration shall be prepared to go together with such an answer.
The White Home beforehand set a deadline of Sept. 20 for the Chinese language-owned firm to announce a plan to promote TikTok’s U.S. operations to a U.S. company, or face a shutdown in the US by Sept. 29. Any such deal must be accomplished by Nov. 12.
The corporate had been negotiating to promote TikTok’s U.S. operations to Microsoft in partnership with Walmart, or Oracle. A deal was near completion, prompting CEO Kevin Mayer to announce his resignation.
Nonetheless, the sale hit a snag after Chinese language officers introduced new restrictions on technology exports that might require Chinese language approval for TikTok to promote its algorithm, which is a part of the core worth of the app.
CNBC’s Julia Boorstin contributed to this report.
