U.S. cloud company Oracle will oversee the code and security of TikTok, a senior White House official said on Sept. 22.
President Donald Trump is set to sign an executive order this week that will extend the TikTok divestiture deadline for 120 days, by the end of which the administration expects the joint venture deal for TikTok to be closed.
A law went into effect last year requiring China-based ByteDance to divest of the popular social media app or cease operations, setting off a countdown for divestment with a deadline that began just ahead of Trump taking office.
On Sept. 16, just prior to the deadline, the president extended it until Dec. 16 to allow time for negotiations with Chinese leader Xi Jinping. The further extension announced today will mark the fifth time Trump has extended the deadline….