Chinese tech giant ByteDance has firmly stated that it currently has no intentions to sell TikTok, despite the pressure from a new US law mandating it to divest from the widely popular video platform or face a ban in the United States.
The deadline set by US lawmakers, spanning nine months, stems from national security concerns, alleging potential espionage and propaganda risks associated with TikTok’s ownership by ByteDance, a Chinese company.
Reports from The Information, a US-based tech news outlet, suggested that ByteDance was exploring options for selling TikTok without including its proprietary algorithm, which drives video recommendations to its vast user base of over one billion worldwide.
ByteDance has refuted these claims, asserting that it is not contemplating a sale of TikTok at this time.
READ ALSO: Biden Signs Law To Ban TikTok in US Unless It is Sold
“Foreign media reports about ByteDance exploring the sale of TikTok are untrue,” the company posted Thursday on Toutiao, a Chinese-language platform it owns.
“ByteDance does not have any plans to sell TikTok.”
For years, TikTok has been at the center of political and diplomatic controversies. Initially targeted by the administration of former President Donald Trump, attempts to ban the platform were unsuccessful.
Despite allegations linking it to the Chinese government, TikTok has vehemently denied any such association. It has consistently stated its commitment to not sharing US user data with Beijing.
As part of its efforts to address concerns, TikTok has invested approximately $1.5 billion in “Project Texas,” aimed at storing US user data within the United States.
