ByteDance responds to TikTok sale negotiations: No agreement has been reached and differences still exist.

April 5, ByteDance, the parent company of TikTok, issued a statement saying that the company was still in talks with the US government and no agreement had been reached. There were still significant differences between both sides on many key issues.

ByteDance said that according to Chinese law, any agreement must go through relevant review procedures.

In April 2024, former US President Joe Biden signed a bill passed by both houses of Congress, requiring ByteDance to sell TikTok to a non-Chinese company within 270 days, otherwise TikTok would be banned in the United States after January 19, 2025.

After taking office, former US President Donald Trump signed an executive order allowing TikTok to operate temporarily in the US. As of April 2, the related transaction of TikTok in the US has entered the closing stage. This transaction plans to separate TikTok's business in the US and incorporate it into a new company established in the US. American investors will hold the majority of shares in this company.

According to Reuters, the transaction content shows that ByteDance Corporation will hold 20% of the shares. This transaction has been approved by existing TikTok investors, new investors, ByteDance Corporation, and the US government.

Source: https://www.toutiao.com/article/1828526014551116/

Disclaimer: The article only represents the author's personal views.