The President of the United States of America, Donald Trump, has extended the deadline for a ban on the social media platform TikTok, owned by the Chinese company ByteDance.
Trump, who made the disclosure in a post shared on Truth Social on Friday, disclosed that he has extended the deadline by 75 days to allow more time to finalise a deal.
“My Administration has been working very hard on a Deal to SAVE TIKTOK, and we have made tremendous progress,” Trump wrote. “The Deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days.”
This comes two months after Trump signed an executive order to establish a U.S. sovereign wealth fund, which might be used to acquire TikTok.
The creation of the fund is expected within 12 months by the U.S. Treasury and Commerce Departments, with potential funding sources mentioned as tariffs and other means.
Trump has been in discussions with various parties about purchasing TikTok, including Microsoft and potentially Tesla CEO Elon Musk or Oracle chairman Larry Ellison.
© Ripples Nigeria