ByteDance, the Chinese parent company of TikTok, has quashed rumors of a potential sale of the popular social media platform in response to recent US legislation. The company’s statement, issued on Toutiao, a news aggregation app it owns, asserts that there are no plans to sell TikTok, refuting foreign media reports suggesting otherwise.
The statement comes on the heels of President Joe Biden signing a bill that could result in a nationwide ban of TikTok. This legislation poses a significant threat to TikTok, forcing it to find a new owner within months or face a ban in the United States, its largest market with 170 million users.
ByteDance’s response directly addresses an article by the Information, which claimed that the company was exploring scenarios for selling TikTok’s US business without the algorithm that recommends videos to users. The article cited three individuals with knowledge of the deliberations.
Despite the bill’s passage in Congress and mounting pressure, ByteDance has remained steadfast in its commitment to retaining ownership of TikTok. TikTok’s CEO, Shou Chew, expressed confidence in the company’s ability to navigate these challenges, stating in a video on the app, “Rest assured, we aren’t going anywhere.”
The Chinese government has also expressed its opposition to a forced sale of TikTok, citing the app’s technology as highly valuable. Chinese authorities have the legal ability to veto any sale by ByteDance, underscoring the complexity of the situation.
US lawmakers have long been concerned about TikTok’s ties to China, fearing that user data could be shared with the Chinese government or that content could be manipulated. However, there is little evidence to support these claims.
As ByteDance navigates this uncertain terrain, the future of TikTok in the United States hangs in the balance. The company’s decision not to sell underscores its determination to protect its interests and maintain its presence in the US market.