ByteDance, the Chinese parent company of TikTok, has made it clear that it will not sell the popular video-sharing app despite US pressure. In a statement shared on social media, ByteDance stated, “ByteDance doesn’t have any plans to sell TikTok,” putting an end to speculations about a potential sale.
Earlier reports had suggested that ByteDance was considering selling TikTok’s US operations without its crucial algorithm. However, the company’s recent announcement debunked these rumors and emphasized that foreign media reports of a sale are false.
TikTok has also announced its plans to challenge the constitutionality of the law through legal means. Despite concerns over data security and Chinese government influence, TikTok has denied any allegations of such control. CEO Shou Zi Chew has reaffirmed the company’s commitment to legal recourse and user rights.
In terms of ownership breakdown, ByteDance’s founder holds a 20% stake, while institutional investors like Carlyle Group and General Atlantic own 60%. The remaining 20% is held by employees worldwide.
Beijing has dismissed US concerns about TikTok’s ownership and warned of potential repercussions for American interests if the app were to face a ban. The company remains steadfast in its decision not to sell TikTok, asserting its independence and commitment to its users’ privacy and security.
