After months of negotiations, a deal to turn over TikTok\u2019s United States operations to a new company with a majority American ownership was finalized on Wednesday, according to senior administration officials.<\/p>\n\n\n\n
The investors — which included Oracle, Blackstone, Andreeson Horowitz and several others — ByteDance and the Trump administration negotiated and agreed to the terms.<\/p>\n\n\n\n
The plan was for President Donald Trump to sign an executive order to approve the deal this week, triggering a 120-day closing period to finalize the paperwork and financing.<\/p>\n\n\n\n
ByteDance would have maintained a minority ownership in the new company, under the 20% threshold required by Congress.<\/p>\n\n\n\n
All that remained was for the Chinese government to approve the deal \u2014 something all sides of the negotiations expected would happen.<\/p>\n\n\n\n
However, on Wednesday afternoon, Trump announced his tariffs.<\/p>\n\n\n\n
Thursday morning, representatives for ByteDance called the White House to say the Chinese government would not approve the deal until negotiations could be held on Trump\u2019s tariffs.<\/p>\n\n\n\n
The deal remains in limbo, hostage to the emerging trade war between the U.S. and China.<\/p>\n\n\n\n
On Friday, Trump said he is extending the deadline for TikTok to be banned or sold off by its Chinese-owned parent company, ByteDance.<\/p>\n\n\n\n
The previous April 5 deadline will be pushed 75 days, Trump said in a post to his social media platform. It’s the second time he has pushed the deadline since taking office.<\/p>\n\n\n\n
The TikTok negotiations were led by Vice President JD Vance, sources told ABC News. The deal is currently not being renegotiated with investors and the White House both standing by.<\/p>\n\n\n\n
The revival appears to depend on what happens with U.S. and China negotiations on trade.<\/p>\n\n\n\n