It looks like TikTok’s parent company is standing on business! ByteDance has officially stated that it has no intentions of selling the platform amidst the possibility of a US ban.
In a statement released on Toutiao, a news aggregation app owned by ByteDance, the company refuted media reports suggesting that it was “exploring” the sale of TikTok. “Foreign media reports that ByteDance is exploring the sale of TikTok are untrue,” the Beijing-based company said. “ByteDance doesn’t have any plan to sell TikTok,” CNN quotes.
This response comes after President Joe Biden signed a bill that could potentially lead to a nationwide ban on TikTok. As we previously reported, the recent legislation in the US, which was passed as part of a foreign aid package to support Israel and Ukraine, also posed a significant threat to TikTok’s presence in the country. Under this law, TikTok is required to find a new owner within a specified timeframe or face a ban from the US, its largest market with 170 million users.
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Why Is This Happening?
There has been great concerns over TikTok’s data security and potential ties to the Chinese government which have been raised by US lawmakers, leading to increased scrutiny of the platform. While there is limited evidence to support these concerns, Biden’s administration has been firm on this matter.
The app has become extremely popular due to its engaging content, algorithm-driven feed, viral challenges, discoverability features, user-friendly interface, global reach, and also influencer marketing. These factors have contributed to TikTok’s rapid rise in popularity and widespread appeal among users worldwide.
Now, despite the mounting pressure, TikTok’s CEO Shou Chew reassured users in a video message that the company would fight to remain operational in the US.
“Rest assured — we aren’t going anywhere,” CEO Shou Zi Chew said on Wednesday moments after Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets. “Make no mistake, this is a ban. A ban on TikTok and a ban on you and your voice,” he said.
“Politicians may say otherwise but don’t get confused. Many who sponsored the bill admit a TikTok ban is the ultimate goal.” He added, “We will keep fighting for your rights in the courts. The facts and the Constitution are on our side,” he told the platform users.
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