Jim Cramer: This Hearing Puts a Timeframe on TikTok
Right now, the Commerce Department plans to block TikTok in the United States in November if a deal isn't done where ByteDance sells its majority stake to a U.S. company.
The fullest ban for TikTok is pegged for November 12, "for the national security concerns posed by TikTok to be resolved", providing a longer window for Oracle and its consortium to get Presidential approval.
To backtrack, the last news we heard from TikTok and a possible deal is when the Commerce Department was considering blocking downloads of TikTok.
Oracle Corp. has been the frontrunner in a deal to keep TikTok operating in its second-largest market, confirming plans earlier this week to be a "trusted technology partner" to ByteDance, TikTok's China-based owner, in a complicated proposal put to the U.S. Treasury Department.
In mid-September, Trump told reporters in Washington that Oracle's billionaire founder and chairman, Larry Ellison, was a 'terrific guy' while adding that he and his White House staff were 'very close to a deal' that would keep TikTok operating in its second-largest market while addressing national security concerns linked to its China-based owner, ByteDance.
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