ByteDance, the Chinese parent company of TikTok, has adamantly declared that it has no intentions of selling the popular video-sharing app despite recent US legislation threatening a ban if it refuses to divest.
In an official statement posted on Toutiao, a social media platform owned by ByteDance, the company firmly asserted its stance, stating, “ByteDance doesn’t have any plans to sell TikTok.”
This declaration comes in response to reports by technology industry website The Information suggesting ByteDance’s exploration of a potential sale of TikTok’s US operations without its proprietary algorithm.
The recent legislation, signed into law by US President Joe Biden, underscores heightened tensions between the US and China over data privacy and national security concerns.
While Beijing denies exerting control over private companies like ByteDance, the tightening grip of the Chinese Communist Party has fueled apprehensions in Western countries, particularly the US.
TikTok’s CEO, Shou Zi Chew, reaffirmed the company’s commitment to challenging the constitutionality of the law in court, asserting, “The facts, and the Constitution, are on our side… rest assured, we aren’t going anywhere.”
Despite the scrutiny, TikTok’s ownership structure presents a mix of global investors, with ByteDance’s Chinese founder holding a 20% stake, institutional investors owning 60%, and the remaining 20% belonging to employees worldwide.
The new legislation grants ByteDance a nine-month window to divest TikTok’s US operations, with an additional three-month grace period, delaying any potential ban until after the 2024 presidential election.
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