According to TikTok's Chinese parent company Byte Dance, the sale is unlikely. Last week, the US House of Representatives approved a bill requiring the site to be sold within a year. Failure to comply will result in a ban on the platform in the US.
BBC The parent company reports that it has no plans to sell the company. The company wrote this on its official account on its own social media platform Toutiao. The new law, signed into law by US President Joe Biden last week, gives Byte Dance nine months to sell the company, and an additional three months before the ban is imposed.
Fear of national security
TikTok is very popular in America. However, Washington is concerned about the Chinese Communist Party's control over Byte Dance and the data it stores. Despite repeated denials from TikTok. According to the site, the Chinese founder of Byte Dance holds a 20 percent stake, writes the BBC. About 60 percent is owned by institutional investors, including major U.S. investment firms Carlyle Group, General Atlantic and Susquehanna International Group. The remaining 20 percent belongs to employees worldwide. Three of Pied Dance's five crew members are American.
