TikTok is gearing up for a legal fight against a new U.S. law that would force the social media platform to break ties with ByteDance, its China-based parent company.ByteDance, the parent company of TikTok, issued a statement Thursday that it 'doesn't have any plan to sell TikTok.' A bill signed Wednesday by U.S. President Joe Biden gives ByteDance the choice between selling TikTok or seeing it shut down in the U.S. market. TikTok is gearing up for a legal fight against a U.S.
In its first official response to the new law, parent company ByteDance delivered a statement Thursday on Toutiao — a Chinese news app it owns — stating it "doesn't have any plan to sell TikTok." The Beijing-based firm was directly responding to media reports that said was exploring scenarios for selling TikTok's US business.The legislation that U.S.
The law has followed a string of successes by Washington in curbing the influence of Chinese companies through bans, export controls and forced divestitures, drawing protests from Beijing that the U.S. is bent on suppressing China's rise through economic coercion.The U.S. has forced other Chinese companies to divest before, including in 2020, when Beijing Kunlun, a Chinese mobile video game company, agreed to sell the gay dating app Grindr after receiving a federal order.