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Illustration: Aïda Amer/Axios

President Trump hasn't yet blessed ByteDance's proposed savior plan for TikTok, featuring Oracle as a "trusted technology partner."

The state of play: This deal is not fait accompli, despite some media reports yesterday that there would be an announcement before nightfall. But the odds remain in its favor.

What might come next

1. CFIUS would grant an extension.

  • Trump's 45-day "deal or ban" executive order was soon followed by a 90-day requirement that ByteDance divest what now is effectively TikTok.
  • This Oracle deal is easier to execute than an acquisition would have been, but it's still highly unlikely that all of it could be completed by mid-October.

2. TikTok would drop its lawsuit against Trump's EO.

  • It's unclear if this is part of ByteDance's formal submission to CFIUS, but doing so would be a reasonable quid pro quo.

3. TikTok would hire a CEO.

  • The U.S. business is currently being led by Vanessa Pappas, a YouTube vet who was general manager before Kevin Mayer's surprise resignation.
  • She may be in the mix, but don't be surprised to see TikTok's new board scour the C-suite at companies like Amazon, Netflix, and Disney (which was Mayer's former home). Or maybe even from Walmart, which is expected to invest in the new entity.

4. "TikTok Inc." would try to consolidate.

  • TikTok is a global app, but all that's being proposed here is a tech cleave of its U.S. business. From a practical perspective, that could make it difficult for a Los Angeles user to view content created by a London user, and vice versa.
  • Given that other Western governments have expressed discomfort with ByteDance, don't be surprised if other geographies eventually get folded into the Oracle agreement. The finances could get sticky.

The bottom line: White House approval would be the beginning, not the end, of what needs to be done to create the new TikTok.

Go deeper: "Axios Re:Cap" podcast takes a look at how the TikTok saga is playing inside of China, with CNBC Beijing bureau chief Eunice Yoon. Listen via Apple, Spotify, or Axios.

Go deeper

Felix Salmon, author of Capital
Updated Sep 24, 2020 - Economy & Business

Trump risk rises for companies

Illustration: Aïda Amer/Axios

Donald Trump fancies himself a businessman — and has given himself a central role in determining the conduct and even the existence of major companies both domestic and foreign.

Why it matters: America has historically been a great place to operate a company under the rule of law, and not be beholden to political whim. Those days seem to be over — at least for companies in the communications industry.

22 mins ago - Health

CDC prepares tougher testing rules for international travelers

Travelers with their luggage arrive at a COVID-19 testing location at the airport in Los Angeles, Calif., on Nov. 23, 2021. Photo: Frederic J. Brown/AFP via Getty Images

The Centers for Disease Control and Prevention said Tuesday night that it is working to impose stricter testing requirements for international travelers due to the spread of the new Omicron variant.

The big picture: The new rules would require all international travelers, regardless of vaccination status, to show a negative test taken a day before their flight to the U.S. Currently, the CDC says fully vaccinated travelers are allowed to show a test taken no more than three days before their departure, AP reports.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.