The Biden Administration threatened a nationwide ban on the video-sharing app unless its Chinese owners promised to sell their stake in the company
A ban on TikTok could open the door for other companies, such as Meta’s Instagram, to fill the video-sharing void. In October, Twitter CEO Elon Musk said he was thinking about bringing back Vine, the short-form video app that was discontinued in 2019.TikTok has been in negotiations with CFIUS about national security requirements for more than two years. Chew, TikTok’s CEO, told theon Thursday that a sale of the company won’t solve the American national security concerns over the app.
Shouzi Chew, chief executive officer of TikTok Inc., during an interview at the TikTok office in New York, U.S., on Thursday, Feb. 17, 2022.TikTok has also said that 60% of ByteDance shares are owned by global investors, including the American investment giants BlackRock, General Atlantic and Sequoia. Chew confirmed to thethat ByteDance has been actively thinking about a public offering of TikTok, but added that “there’s no concrete plan right now.
“It’s not clear to me that the sale itself would do very much,” says Harry Broadman, a former CFIUS official. “But this is opening up a larger debate about what methods will the U.S. government take to safeguard so-called personal information of U.S. citizens. The TikTok issue is a bellwether for that conversation.”
Last week, the White House endorsed a bipartisan bill that would grant the Commerce Department broad authority to ban or limit TikTok and other apps rooted in foreign countries, though efforts to ban a social media platform used by more than 100 million Americans could beChina’s Foreign Ministry spokesperson Wang Wenbin told reporters on Thursday that the U.S.
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