ByteDance is in discussions on a final proposal with the Committee on Foreign Investment in the US, or Cfius, the regulatory body that must clear any agreement. Several issues remain unresolved, including questions about data security, Chinese ownership in the new TikTok Global and a possible US$5bil (RM20.80bil) education fund. — AP
ByteDance Ltd is working with US regulators to resolve outstanding security concerns over its planned sale of a stake in music-video app TikTok, and the companies involved are bracing for the approval process to drag on past the November election, according to people familiar with the matter.
Oracle Corp, which is leading the bid to buy a stake in TikTok, is also still hashing out the fine-print terms of the deal, which two weeks ago received an endorsement "in concept” from US President Donald Trump but faces scepticism from others within his administration and from the Chinese government.
