This story is available exclusively to Business Insider subscribers.TikTok parent company ByteDance is reportedly just days away from closing a deal to sell off its US operations, thwarting the Trump administration's threats to issue a nationwide ban.
The Trump administration has issued two executive orders ordering ByteDance to sell off its US business or face a nationwide ban. Trump initially set a deal deadline of Sept. 15, but the most recent order extended the timeline 90 days, which falls in mid-November.Despite reports that a deal to acquire TikTok's US operations is coming within days, the company is still planning for the possibility it may need to shut down the app to adhere with the Trump administration's ban.
In a statement to Business Insider, TikTok said Trump's executive orders have put its US jobs "in jeopardy," and is waiting to restart hiring until it can get "further clarity" from the Trump administration. There appear to be two groups that have emerged as frontrunners in the bidding war: a joint offer between Microsoft and Walmart, and another from Oracle, with the backing of Trump and a group of ByteDance's US investors. Analysts have placed the value of the deal — which will include TikTok operations in the US, Australia, New Zealand, and Canada — at between $20 billion and $50 billion.
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