ByteDance plans to close TikTok in the US instead of selling it?
Apr 27, 2024
Washington [USA], April 27: Late on April 25, ByteDance issued a statement confirming they have no plans to resell TikTok in the US in response to an article on technology news site The Information. According to the article, ByteDance is considering scenarios to divest TikTok in the US without sharing the core algorithm.
TikTok General Director Shou Zi Chew said on April 24 that the company hopes to win in its effort to fight the law just signed into law by US President Joe Biden this week. By law, ByteDance must resell TikTok in the US within a maximum period of one year, otherwise the application will be "wiped out" from the US market.
TikTok's estimated value is up to tens of billions of dollars and any acquisition comes with huge challenges. To sell technologies like TikTok's algorithm , Chinese companies must first obtain approval from the country's government, according to AFP. Beijing regulated such algorithms as protected technology following the US government's attempt to embargo TikTok in 2020.
Source: Thanh Nien Newspaper
