A deal to sell TikTok’s US business to Oracle and Walmart could be postponed or even scrapped, reports suggest.
Oracle and Walmart had been in talks with TikTok since September to finalize a deal in which the Chinese video app’s US assets would be shifted into a new entity to avoid a blanket ban in the country.
An executive order from former President Donald Trump demanded owner ByteDance divest its US operations because of national security concerns.
He gave a deadline of Nov. 12 last year, which has already been extended twice.
Both the Wall Street Journal and Reuters are reporting that the deal could be shelved, although none of the companies involved has commented.
Reuters reports that the new Biden administration will conduct a wide-ranging review of Trump’s China policy, which could take months.
The firms have not commented but any postponement could signal a softer approach towards Chinese tech giants from the new Biden administration.