TikTok's Parent Chinese Company Confirms No US Sale Plans

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,- Chinese parent company ByteDance remains steadfast in its refusal to sell the popular video software TikTok, despite pressure from the US. "ByteDance has no intention of selling TikTok," the company stated on Toutiao, another social media platform it manages. Following new US legislation that threatens to prohibit TikTok if sold, this statement follows.

This is in response to a story in The Information that suggested ByteDance is thinking about selling TikTok's US operations apart from its algorithm. With the words "false rumors" and a screenshot of the story, ByteDance wasted no time in denying these claims.

The rule, which US President Joe Biden signed into law, reflects growing concerns in Western nations regarding China's influence over private companies and data. Despite TikTok's assurances that ByteDance is not influenced by the Chinese government, some are worried about Beijing's growing influence over these platforms.

"The facts, and the Constitution, are on our side... rest assured, we aren't going anywhere," Shou Zi Chew, CEO of TikTok, stated, restating the company's commitment to defending its rights through legal means.

Institutional investors, including illustrious US firms like General Atlantic and Carlyle Group, hold 60% of ByteDance, with the Chinese founder owning 20%. A global staff accounts for the remaining 20%, with three of the five board members hailing from the United States.

There is still time for TikTok to avoid immediate punishment, even though a ban is still on the table. The legislation gives ByteDance nine months to sell its TikTok business, with an additional three months of leniency. This timeline extends until 2025, maybe immediately following that year's presidential election.


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