PREVIEW

ByteDance Says It Won't Sell TikTok. The United States passed a law on April 24 that requires ByteDance to sell TikTok in 2025 or be banned across the nation. In response to a news article claiming ByteDance was considering selling TikTok in America without its algorithm, the Chinese company said, "Foreign media reports of ByteDance selling TikTok are not true," BBC reports. "ByteDance doesn't have any plans to sell TikTok.", ByteDance, via statement. TikTok has continuously denied claims that its parent company is controlled by the Chinese government. "We are confident and we will keep fighting for your rights in the courts." "The facts, and the Constitution, are on our side... rest assured, we aren't going anywhere.", Shou Zi Chew, TikTok CEO, via statement. The Chinese government, which has also denied any ties to ByteDance, said that banning TikTok would "inevitably come back to bite the U.S.". BBC reports that 60% of TikTok shares are currently "owned by institutional investors, including major U.S. investment firms". 20% is owned by ByteDance founder Zhang Yiming, and 20% is owned by global employees. Out of ByteDance's five board members, three are American, BBC reports. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT