President-elect Trump announced plans for an executive order to extend the deadline for TikTok’s parent company to find a buyer, avoiding an immediate U.S. ban.
He stated that the law provides a 90-day extension if a viable sale is underway, and he would like the U.S. to hold a 50% stake in a joint venture.
The federal law mandated that ByteDance must separate from TikTok's U.S. operations by Sunday due to national security concerns related to the app's Chinese ties.
Trump emphasized the potential value of TikTok, saying that without U.S. approval it holds little value, but with it, it could be worth hundreds of billions.
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