TikTok will not be sold, Chinese parent tells US

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ByteDance, the Chinese company that owns TikTok, says it won’t sell the popular video app despite a new US law that says it must sell or face a ban in America.

In a statement on its social media platform, ByteDance stated it has no plans to sell TikTok. TikTok itself hasn’t responded yet.

Earlier, TikTok said it would challenge the law in court, calling it unconstitutional.

This response from ByteDance came after a report suggested it was considering selling TikTok’s US operations without the algorithm that makes it work.

ByteDance labeled the reports of selling TikTok as false rumors.

The new law, signed by President Joe Biden, aims to address concerns about Chinese control over ByteDance and the data TikTok holds.

TikTok has denied Chinese government control, saying it will fight for users’ rights in court.

ByteDance’s founder owns 20% of the company, while US investment firms and employees own the rest.

The Chinese government has called concerns about control paranoia and warned that banning TikTok would backfire on the US.

But TikTok isn’t facing an immediate ban. The law gives ByteDance nine months to sell TikTok, with an extra three-month grace period. So, any potential ban wouldn’t happen until around 2025.

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