US President Donald Trump signed an executive order on Friday requiring ByteDance to divest from all assets in the United States associated with the TikTok app. The text of the document was distributed by the press service of the White House.
вЂњThere is compelling evidence to believe that ByteDance, by acquiring the assets of Musical.ly, could take actions that threaten to undermine the national security of the United States. As a result of the purchase, ByteDance will merge Musical.ly TikTok and create a single application for social networks,вЂќ the decree says. Execution of the decree no later than 90 days after its date, unless the date is extended for a period of not more than 30 days, the [US Foreign Investment Committee] may require ByteDance, its subsidiaries, related persons and Chinese shareholders to dispose of all assets and rights [in the USA]вЂќ.