A year ago Congress passed a law giving TikTok’s Chinese owner a deadline to divest itself from the company or face it being shut down in the US. After a court battle which TikTok lost, that deadline for a sale was set to be Joe Biden’s last day in office. But Biden decided to drop the issue in President Trump’s lap and Trump announced he would be pausing enforcement few a couple months to allow some US entity to come forward and make a deal. It turns out that deal was getting pretty close as of last week.
Last Wednesday, the Trump administration believed it had a plan to save TikTok.
ByteDance, TikTok’s Chinese owner, along with some of its U.S. investors, and officials in Washington had coalesced around a new ownership structure for the popular video app, four people familiar with the situation said. That structure, the people said, would help TikTok…
