Jim Cramer: Chinese Are Trying to Save Some Face in the TikTok Deal
So where does the Trump Administration stand with TikTok heading into the weekend?
ByteDance, TikTok’s Chinese owner, has asked a federal judge to stop the Trump administration from enforcing a ban that would remove the video-sharing app from U.S. app stores on Sept. 27.
The company filed for a temporary block on the ban Wednesday even as it continues to pursue approvals from the Trump administration for a sale of its U.S. operations to Oracle and Walmart, Bloomberg reported.
ByteDance’s request, Bloomberg noted, deploys many of the same arguments a group of WeChat users made to win a preliminary injunction last weekend against a similar ban.
ByteDance, meanwhile, has applied for a technology export license with authorities in Beijing.
The company filed the request after China tightened restrictions on the export of certain technologies, including those used in TikTok. A spokesman for Beijing's commerce ministry acknowledged the filing Thursday, saying it’ll be assessed “in accordance with the relevant rules and procedures.”
Jim Cramer gives his latest thoughts on the deal the video above.