TikTok to challenge US order banning transactions with the video app
TikTok is preparing to mount a legal challenge as early as Monday to President Donald Trump’s executive order prohibiting transactions with the popular short video app and its Chinese parent ByteDance, according to people familiar with the matter.Trump issued an executive order on Aug. 14 that gave ByteDance 90 days to divest the U.S. operations of TikTok.
ByteDance has been making progress in talks with potential acquirers, including Microsoft Corp and Oracle. Some of ByteDance’s U.S. investors could also join the winning bid. TikTok’s legal challenge pertains to an earlier executive order, which Trump issued on Aug. 6, the sources said. That order directed the Secretary of Commerce to come up with a list of transactions involving ByteDance and its holdings that should be banned after 45 days.