ByteDance says it has no intention of selling TikTok

Earlier this week, TikTok said it would challenge in court the “unconstitutional” law

TikTok’s Chinese parent company ByteDance says it has no intention of selling the business after the US passed a law to force it to sell the app or be banned in America.

ByteDance does not have any plans to sell TikTok, the company posted on its official account on Toutiao, a social media platform it owns.

Earlier this week, TikTok said it would challenge in court the “unconstitutional” law.

The statement from ByteDance came in response to an article by the technology industry website The Information that said it was exploring the potential sale of TikTok’s operation in the US without the algorithm that powers it.

Foreign media reports of ByteDance selling TikTok are not true, the firm said in the post, which included a screen shot of the article with the Chinese characters meaning “false rumour” stamped on it.

The sell-or-ban measure was signed into law by US President Joe Biden on Wednesday.

Beijing’s tightening grip on private firms has raised concerns in the US about how much control the Chinese government has over ByteDance, and the data it holds.

TikTok has repeatedly rejected claims the Chinese government has control over ByteDance.

We are confident and we will keep fighting for your rights in the courts, said TikTok boss Shou Zi Chew in a video posted on the platform this week.

The facts, and the Constitution, are on our side. Rest assured, we are not going anywhere, Chew added.

According to TikTok, ByteDance’s Chinese founder owns 20% of shares, through a controlling stake in the firm.

Nearly 60% is owned by institutional investors, including major US investment firms Carlyle Group, General Atlantic, and Susquehanna International Group.

The remaining 20% is owned by its employees around the world and three of ByteDance’s five board members are American.