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US President Trump issued an executive order on 6 August 2020 banning any transactions between TikTok's parent company, ByteDance, and U.S. citizens for national security reasons within 45 days of the order. Following this development, President Trump ordered in a separate executive order on 14 August 2020 that the ByteDance must sell its U.S. assets within 90 days, stating that the US authorities have "credible evidence" that the Chinese tech giant could take action to imperil national security. The main bidders for the acquisition of ByteDance assets are currently Microsoft and Oracle. According to NPR, TikTok is planning to challenge the executive orders in court.
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