From the NYT, this is a mess:
"It is unclear whether Mr. Trump’s efforts will be successful. His executive order could face a legal challenge, including over whether he has the power to stop enforcement of a federal law. Companies subject to the law may determine that the order does not provide enough assurance that they will not be punished for violations
The law does allow a president to grant a 90-day extension if a buyer is found, but only if there is “significant progress” toward a deal that puts TikTok in the hands of a non-Chinese company. That deal also has to be able to be completed within the 90 days for the president to trigger the extension. And it’s unclear if that extension option still exists, given that the law is already in effect.
In his post on Sunday, Mr. Trump floated the idea that he “would like the United States to have a 50% ownership position in a joint venture,” without providing further details.
TikTok has said that a sale is impossible, citing the nature of its global operations, and China has already signaled that it would block the export of its all-important video-recommendation technology.
TikTok and several Democratic members of Congress in recent days mounted a last-ditch effort to keep the app online. Senator Chuck Schumer, the Democratic leader, privately told President Biden that allowing the app to go dark on his watch would hurt his legacy.
Critics of TikTok started their own push to keep the possible ban on track. Senator Tom Cotton, Republican of Arkansas and chairman of the Senate’s intelligence committee, called some of the major tech companies in recent days to say they needed to comply with the law, according to three people familiar with the calls.
On Sunday, Mr. Cotton and Senator Pete Ricketts, Republican of Nebraska, in a joint statement, commended Amazon, Apple, Google and Microsoft for following the law, noting that violations could result in bankruptcy.
“Now that the law has taken effect, there’s no legal basis for any kind of ‘extension’ of its effective date,” they added. Only a sale will allow TikTok to continue operating."