US Treasury Seeks ‘Resolution’ With ByteDance on Security Concerns

The U.S. Treasury Department said on Wednesday it wants a resolution of national security risks it has raised over ByteDance’s 2017 acquisition on Musical.ly, which it then merged into the TikTok video-sharing app. The statement came a day after China-based ByteDance filed a petition with the U.S. Court of Appeals in Washington challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok. “The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance’s acquisition of Musical.ly,” Treasury spokeswoman Monica Crowley said. “We have been clear with ByteDance regarding the steps necessary to achieve that resolution.” TikTok did not immediately comment. President Donald Trump in an August 14 order directed ByteDance to divest the app within 90 days, which falls on Thursday. The Trump administration contends TikTok poses national security concerns as the personal data of U.S. users could be obtained by China’s government. TikTok, which has over 100 million U.S. users, denies the allegations. ByteDance, which has been in talks for a deal with Walmart Inc. and Oracle Corp. to shift TikTok’s U.S. assets into a new entity, said Tuesday it was requesting a 30-day extension so that it can finalize terms. “Facing continual new requests and no clarity on whether our proposed solutions would be accepted, we requested the 30-day extension that is expressly permitted in the August 14 order,” TikTok said in a statement. TikTok announced a preliminary deal in September for Walmart and Oracle to take stakes in a new company to oversee U.S. operations called TikTok Global. Trump has said the deal had his “blessing.” 
 

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