ByteDance Firm On Ownership Amid Potential US TikTok Ban
TikTok’s parent company, ByteDance, reportedly has no plans to shut down its app in the US. The decision comes after the US passed a new law forcing it to sell the platform or be banned in the country. The law comes amid concerns about national security and data privacy since ByteDance, the company that owns the app, is Chinese. ByteDance has been told it has to sell its US operations by January 19, but it reportedly plans to shut down the app instead of selling its business. “ByteDance doesn’t have any plans to sell TikTok," the company said in a statement on social media platform Toutiao. The company views TikTok's algorithm as integral to its operations and is reluctant to sell without it. Despite the potential impact on its revenue, ByteDance appears willing to prioritize its stance on ownership over the platform's future in the US.
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President Biden signed legislation Wednesday that would ban TikTok in the U.S. unless its Chinese parent, ByteDance, sells the app.
