ByteDance, the Chinese parent company of TikTok, has firmly stated its refusal to sell the immensely popular video-sharing app despite US legislative attempts to force its hand or face a ban in the country, BBC reports.
In a statement posted on social media, ByteDance declared, “ByteDance doesn’t have any plans to sell TikTok,” countering speculations circulating in the tech industry regarding a potential sale.
The announcement came in response to earlier reports suggesting the company was considering selling TikTok’s US operations, albeit without its crucial algorithm.
Earlier this week, TikTok announced its intention to challenge the constitutionality of the law through legal channels. ByteDance’s statement sought to debunk rumours, with the company emphasizing, “Foreign media reports of ByteDance selling TikTok are not true,” accompanied by an image labeling the claims as “false rumor.”
The law, signed by US President Joe Biden, aims to curb Beijing’s influence over private entities like ByteDance, amid concerns over data security and Chinese government control.
Despite these concerns, TikTok has consistently denied allegations of Chinese government influence, with CEO Shou Zi Chew reaffirming the company’s commitment to legal recourse and user rights.
Ownership breakdown reveals ByteDance’s founder holding a 20% stake, while institutional investors like Carlyle Group and General Atlantic own 60%. Employees worldwide hold the remaining 20%.
Beijing has also dismissed US concerns, warning of repercussions for American interests if TikTok faces a ban.
