Saturday, May 25th, 2024

Will not sell stake in TikTok: Chinese parent company ByteDance tells US

China-based internet giant ByteDance on Friday said it will not sell its stake in TikTok, as directed by the US government in a new bill passed by President Joe Biden earlier this week to ban the short-video making platform in the country. did.

The Chinese platform’s parent company said in a social media post that it “has no plans to sell TikTok”.

The Information previously reported that ByteDance was exploring the possible sale of TikTok’s operations in the US.

“Foreign media reports about ByteDance selling TikTok are not true,” the Chinese company said in the post.

TikTok has already said it will challenge the “unconstitutional law” in the courts.

TikTok has also denied claims that ByteDance is controlled by China.

Biden earlier signed a major foreign aid package bill that would also ban TikTok in the country if ByteDance does not sell its stake within a year.

The bill gives TikTok owner ByteDance nine months to sell, with a 90-day extension.

Meanwhile, on the last day of US Secretary of State Antony Blinken’s visit to China, Beijing has warned of a deterioration in relations between the two powers.

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