ByteDance, the Chinese parent company of TikTok, dismissed speculation on Thursday regarding the potential sale of the popular social media platform amidst President Joe Biden’s bill threatening a ban if ownership is not divested.
Addressing the media reports as ‘false rumors,’ ByteDance stated on its news platform Toutiao that, “Foreign media reports that ByteDance is exploring the sale of TikTok are untrue. ByteDance has no plans to sell TikTok.”
This marks TikTok’s initial response post the signing of Biden’s bill, which requires the company to divest TikTok within nine months, allowing a three-month extension for negotiations if needed.
Despite facing allegations of being a security risk, TikTok has consistently maintained its independence from Chinese government influence.
In response to potential US bans, TikTok’s Chief Executive Officer, Shou Zi Chew, reaffirmed the company’s commitment to staying put.