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TikTok has been looking to the U. Court of Appeals for the District of Columbia Circuit to review Trump's divestment order and the government's national-security review. TikTok and Oracle didn't return requests for comment Wednesday. Walmart declined comment Wednesday and referred questions to the Biden administration. The Treasury Department, which chairs the CFIUS agency reviewing the TikTok deal, did not reply to a request for comment. Neither did the Commerce Department, which last year had sought to enforce Trump's orders, nor the Justice Department, which is handling the court challenges. The Chinese government's stance toward the deal is unclear. State media in September criticized the proposal as U. bullying and extortion. Trump cited concerns that the Chinese government could spy on TikTok users if the app remains under Chinese ownership. TikTok has denied it's a security threat but said it was still trying to work with the U. government to resolve its concerns. TikTok said Oracle and Walmart could acquire up to a combined 20% stake in the new company ahead of a TikTok initial public offering, which Walmart said could happen within the next year.
The unusual arrangement stemmed from a Trump executive order that aimed to ban TikTok in the U. unless it accepted a greater degree of American control. White House press secretary Jen Psaki did not deny the Journal report, but said Wednesday the Biden administration hasn't taken a "new proactive step" in the process. Psaki added that the Biden administration is comprehensively evaluating risks to U. data, including those involving TikTok. A review of TikTok by the Committee on Foreign Investment in the United States, which considers national security implications of such investments, is ongoing, Psaki said. She didn't offer a timetable for that process. Trump targeted TikTok over the summer with a series of executive orders that cited concerns over the U. data that TikTok collects from its users. But courts temporarily blocked the White House's attempted ban, and the presidential election soon took overshadowed the TikTok fight. While President Joe Biden has said TikTok is a concern, his administration hadn't said whether it will continue to try to ban TikTok or force a sale.