📅 Background and ByteDance's Response
On April 26, 2024, ByteDance clarified that it will not sell TikTok, countering a report suggesting a forced sale. The company labeled these claims as "false rumors" on its platform, Toutiao. This came after the US enacted a law necessitating its sale or facing a ban.
🔍 The New US Law
President Biden recently signed a law targeting ByteDance, giving it a deadline until sometime in 2025 to comply. This law challenges ByteDance to either sell TikTok without its core algorithm or face prohibition in the US market.
🌐 Ownership Details
ByteDance's ownership structure includes 20% by its Chinese founder and 60% by major US investors like Carlyle Group. The remaining shares are held by global employees. The US concerns revolve around data security and Chinese government influence.
🚫 Future Prospects
TikTok CEO Shou Zi Chew posted a reassuring video for users, emphasizing their rights defense in court. Despite looming legal battles, TikTok's leadership remains defiant, aiming to ensure the platform's continuity in the US market.
How will TikTok's court battle affect you?
