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ByteDance, the Chinese parent company of TikTok, has no intention of selling the business despite a new U.S. law forcing the divestment of the platform in America, BBC reports.
“ByteDance doesn’t have any plans to sell TikTok,” the company declared on its Toutiao social media platform, labeling reports of a potential sale as “false rumor.”
The defiant stance comes after U.S. President Joe Biden signed a bipartisan bill on April 24 giving ByteDance 9 months to divest TikTok’s U.S. operations, with a potential 3-month extension before a ban could be enforced. Concerns over Beijing’s influence on ByteDance have fueled the legislative push against TikTok amid escalating U.S.-China tech tensions.
ByteDance founder Zhang Yiming owns 20% of shares through a controlling stake, while around 60% is held by major U.S. investment firms like Carlyle Group and General Atlantic. The remaining 20% belongs to ByteDance employees worldwide, and 3 of the 5 ByteDance board members are American.
TikTok, which did not immediately respond to the BBC’s request for comment, has previously vowed to challenge what it deems an “unconstitutional” law in court.
“We are confident, and we will keep fighting for your rights in the courts,” TikTok CEO Shou Zi Chew said in a video message. “The facts and the Constitution are on our side…rest assured, we aren’t going anywhere.
According to the BBC, Beijing has dismissed U.S. data security concerns as “paranoia” and warned a TikTok ban would “inevitably come back to bite the U.S.”
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Courtesy : https://www.netinfluencer.com/bytedance-tiktok-us-ban-order-defiance/