President Donald Trump ordered the Chinese parent company of TikTok to sell or spin off its U.S. assets within 90 days, citing national security concerns.
In an order released late Friday, Trump warned of “credible evidence” that ByteDance “might take action that threatens to impair the national security of the United States.”
The executive order follows an investigation of ByteDance’s acquisition of Musical.ly which it bought in 2017 and merged with TikTok. Treasury Secretary Steve Mnuchin said in a statement that an “exhaustive review” concluded that the deal should be unwound. “As we’ve said previously, TikTok is loved by 100 million Americans because it is a home for entertainment, self-expression, and connection. We’re committed to continuing to bring joy to families and meaningful careers to those who create on our platform for many years to come,” the company said in a statement to USA TODAY.
Last week, Trump issued an executive order that would ban U.S. transactions with ByteDance and with Tencent’s WeChat in 45 days.