TikTok finally managed to finalize a deal with Oracle and Walmart where the two American companies would own a 20% stake in the Chinese company and become a part of its board of directors as well. This helped TikTok dodge the US ban temporarily, especially since the deal is yet to be approved by authorities.
ByteDance Retains Control of TikTok After Deal With Oracle & Walmart
Now that the next deadline is drawing near, TikTok has made an appeal to a US judge to prevent the US ban from happening. It has filed a preliminary injunction, requesting a hearing before the ban comes into effect on September 27. WeChat also appealed for a similar request and in response to TikTok this week, the court said:
There is no plausible reason to insist the prohibitions be enforced immediately.
TikTok has said that if the executive order from President Donald Trump is not stopped then million of Americans will be cut off from the large and diverse social community. The company has already lost million of dollars in lost deals due to the pending action as well as dozens of potential employees who were looking to join the business.
As it stands, it is currently unclear whether the deal will be approved or not as President Donald Trump has expressed mixed opinions. However, ByteDance has applied for an export license in China already to facilitate the deal, assuming it is approved.
GIPHY App Key not set. Please check settings