The Trump administration is continuing its efforts to ban TikTok from the U.S. market because of national security concerns. In a federal court filing Friday, the administration argued that the president has the authority to ban the TikTok app because the Chinese owner, ByteDance, has links with the Chinese government, a charge that ByteDance denies. In October, a judge agreed to a temporary injunction stopping the administration from removing the app from app stores.
- The Trump administration has set a Nov. 12 deadline for the sale of TikTok's U.S. operations to U.S. firms Oracle and Walmart.
- Oracle and Walmart have agreed to take a 20% stake in a new company called TikTok Global. ByteDance said it would retain an 80% stake, which President Trump said is not acceptable.
- ByteDance is reportedly in talks with investment bankers about taking some of its divisions public.