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The US government has granted TikTok a stay of execution.
The Commerce Department said Thursday it would abide by an October 30 temporary injunction that prevented the government from effectively shutting down TikTok.
Earlier this week, TikTok filed a petition with the US Court of Appeals for the DC circuit seeking clarity about its future. ByteDance, the parent company of TikTok, has agreed to sell 20% of TikTok Global to Walmart and Oracle, making Oracle a “trusted technology partner” in the United States
The Department of Commerce order does not address the CFIUS mandate which requires TikTok to sell its US assets. Rather, it reiterates that TikTok can continue to operate in the United States
TikTok continues to await further guidance from the government on how to proceed with the sale of minority stakes. President Donald Trump accepted the deal in August. But the transaction never got the approval of the Chinese government, and Trump administration authorities kept quiet about their demands in the weeks leading up to the election.
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