ByteDance, the parent company of TikTok, has made it clear that they have no plans to sell the popular video-sharing app, according to a report by Reuters.

Recent rumors suggested that ByteDance was considering selling TikTok’s U.S. operations, excluding the app’s unique algorithm that recommends videos to users.

Sources familiar with the matter have revealed that ByteDance is exploring options to offload a majority stake in TikTok’s U.S. business, with potential buyers outside the tech sector being considered.

These discussions come amidst legislative actions in the U.S., as President Joe Biden recently signed a law requiring TikTok to sever ties with ByteDance within nine to twelve months or face a potential ban.

In response, TikTok has announced plans to challenge the law in court, emphasizing their commitment to defending their users’ First Amendment rights. Meanwhile, ByteDance’s staff are preparing for potential scenarios regarding the divestiture of TikTok in case legal challenges do not go their way.

Stay tuned for more updates on this developing story!