Chinese authorities have not approved a deal to spin off TikTok’s US assets due to recently announced US tariffs on Chinese goods, Reuters reported, citing two sources familiar with the matter.
The report said the deal was largely finalized by April 2, and would have involved spinning off the social media’s US operations into a new US-based company with a majority stake in it held by US investors. ByteDance’s stake in the deal would have been 20%. The report said the deal has already been approved by TikTok’s existing and new investors, ByteDance and the US authorities.
