A deadline set by the Trump administration for the forced sale of TikTok’s U.S. assets will come and go Friday without a final deal, according to people familiar with the discussions.
While the deadline has been extended multiple times, TikTok isn’t expected to receive a new one, said the people, who asked not to be identified because the decision isn’t yet public. TikTok is still in talks with the U.S. government about a sale that satisfies the administration’s national security concerns, but Friday’s deadline will be allowed to lapse while the discussions continue.
The U.S. Treasury Department told TikTok and Chinese parent company ByteDance Ltd. that they won’t face a fine or other punishment for missing the deadline because the sides are still negotiating. The deal, which has been in the works for months, is close to being finished, and the administration is eager to complete it before President-elect Joe Biden takes office on Jan. 20, according to one of the people.