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TikTok Ban: ByteDance Denies Report That It’s Considering Selling App
ByteDance said it will not sell TikTok's American business after the U.S. adopted a law forcing it to divest its ownership or face a ban of the app.
ByteDance said a report that it’s mulling the sale of a majority stake in TikTok ‘s American business — after the U.S. adopted a law forcing it to divest its ownership position or face a ban of the app — is “untrue.” Under the new law, which was fast-tracked through Congress, unless ByteDance sells its stake in TikTok by April 2025 at the latest to owners based in a country that the U.S. does not consider a “foreign adversary,” the popular video app will be illegal to distribute in the U.S. The legislation was signed into law by President Biden on April 24 as part of a package of emergency foreign aid.
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