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Thursday, January 28, 2021

US Treasury seeks ‘resolution’ with ByteDance on security concerns – Latest News

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The U.S. Treasury Department said it wants to reach a resolution of national security risks it has raised over ByteDance’s 2017 acquisition on Musical.ly, which it then merged into the TikTok video-sharing app.

The statement came a day after China-based ByteDance filed a petition with the U.S. Court of Appeals in Washington challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok.

“The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance’s acquisition of Musical.ly,” Treasury spokeswoman Monica Crowley said. “We have been clear with ByteDance regarding the steps necessary to achieve that resolution.”

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