ByteDance Says it Will Not Sell TikTok

TikTok’S Chinese parent company ByteDance, says it has no intention of selling the business after the US passed a law to force it to sell the hugely popular video app or be banned in America.

The sell-or-ban measure was signed into law by US President Joe Biden last Wednesday.

The statement from ByteDance came in response to an article by the technology industry website ‘The Information’ that said the Chinese owners were exploring the potential sale of TikTok’s operation in the US.

TikTok has repeatedly denied claims the Chinese government has control over ByteDance.

According to TikTok, ByteDance’s Chinese founder owns 20 percent of shares, through a controlling stake in the company.

About 60 percent is owned by institutional investors, including major US investment firms Carlyle Group, General Atlantic and Sus-que-hanna International Group.

The remaining 20 percent is owned by its employees around the world.

Three of ByteDance’s five board members are American.