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U.S. Has Till Friday Afternoon to Defend or Delay TikTok Ban

TheMotleyFool

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U.S. Has Till Friday Afternoon to Defend or Delay TikTok Ban

President Trump's ban on video-sharing app TikTok was only temporarily postponed by the agreement worked out between its Chinese owner ByteDance and Oracle (NYSE: ORCL) and Walmart (NYSE: WMT). Because Trump only agreed to the deal in concept, the ban becomes effective this Sunday. So TikTok filed for an injunction on Wednesday, and a District of Columbia federal court judge on Thursday gave the U.S. until 2:30 p.m. this afternoon to either defend the ban or delay it.

Image source: Getty Images.

The agreement would see TikTok spun off into a new publicly traded company called TikTok Global. Oracle would own 12.5% of the company, Walmart 7.5%., and ByteDance would retain an 80% share.

Source Fool.com

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