ByteDance stated on Toutiao that rumors of selling TikTok are false. The US law requires sale or ban, but TikTok plans to challenge this. CEO Shou Zi Chew assures users, "We aren't going anywhere."
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.
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.
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.
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?
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