ByteDance Deal for TikTok Seen Likely to Slip Past Election
- App’s parent, regulators negotiate on security, ownership
- Trump’s Covid diagnosis, other domestic concerns take priority
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ByteDance Ltd. is working with U.S. 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 U.S. President Donald Trump but faces skepticism from others within his administration and from the Chinese government.