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.
TikTok could not be immediately reached for comment.
Last week, Trump issued an executive order that would ban U.S. transactions with ByteDance and with Tencent’s WeChat in 45 days.