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ByteDance, the Chinese parent company of TikTok, informs US that the app will not be sold

ByteDance, the Chinese parent company of TikTok, has denied reports of plans to sell the popular video app. This comes after the US passed a law requiring ByteDance to sell TikTok or face a ban in America. ByteDance stated on social media that there are no plans to sell TikTok and will challenge the law in court. The company also reassured users that they will keep fighting for their rights. ByteDance’s founder only owns 20% of shares, with the majority owned by institutional investors, including major US firms. The Chinese government has dismissed concerns over control of ByteDance, calling a potential ban on TikTok harmful to the US. The new law gives ByteDance nine months to sell TikTok before a possible ban is enforced, likely sometime in 2025.


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