Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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.

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton speaks to members of the media in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and he's asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
1 hour ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.