In April, ByteDance sold a 1% stake in its Chinese subsidiary, Beijing ByteDance Technology Co., to WangTouZhongWen Technology, a state-backed firm, according to public government records and the corporate information platform Qichacha.
A ByteDance spokesperson declined to answer questions about the investment and board seat. But the company said that its Chinese subsidiary doesn't own TikTok, which operates outside of China. Instead, the subsidiary “relates to some of ByteDance's China-market video and information platforms, and holds some of the licenses they require to operate under local law.”Beijing has recently been clamping down on its technology sector.
Last year, then-President Donald Trump sought to bar TikTok and other Chinese apps and services from the U.S. President Joe Biden earlier this year dropped Trump's attempt to ban TikTok, but the Biden administration has said it is reviewing the national security risks of Chinese apps. On Tuesday, Sen. Marco Rubio of Florida called on the White House to block TikTok, citing news of the Beijing stake and the board seat.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »