TikTok's Chinese parent company, Bydance, has announced it is taking a firm stand on further sales of the popular video-sharing platform. After recent US legislation opposing sales by registration
in a statement posted on the official Toutiao account. Bydance said "Bydance has no plans to sell TikTok."
This statement comes in response to increasing pressure from US officials. The latest law requiring TikTok to be sold or face a ban has been passed by President Joe Biden.
Bydance denied doubts raised by an article by technology news website The Information that showed a possible sale of TikTok's US operations, excluding its core algorithm. The company said of these reports: "It's a false rumour."
However, TikTok has not yet given an official answer to these possibilities.
In this week's episode, TikTok promises to challenge constitutionality. of the law in court
Bydance's assertion that TikTok is not for sale has been compared to concerns raised by some U.S. politicians about Beijing's influence over the company and its data.
However, despite these concerns, TikTok has consistently denied any ties to the Chinese government. Company CEO Shou Zi Chew reaffirmed the company's commitment to protecting its rights through legal means.
TikTok's ownership structure reveals a wide distribution of shareholders. ByteDance's Chinese founder holds a 20% stake, while the majority (60%) is owned by institutional investors such as the Carlyle Group, General Atlantic, and Susquehanna International Group, with the remaining 20% distributed to employees. TikTok's global level
Byte Dance's board thread also includes three American members out of a total of five members. It emphasizes the international aspect of its operations.
Meanwhile Chinese officials have denied concerns about Bydance's control. and addressed the baseless claims and warned there could be repercussions in the US if TikTok were to face a ban.
This is despite new regulations giving ByteDance nine months to sell its US operations. This was followed by a three-month period of weapons time. This time limit will be extended to 2025 consistent with the results after the 2024 presidential elections.
