The Biden administration has demanded that TikTok’s Chinese owners divest their stakes in the popular video app or face a possible U.S. ban, the company told Reuters.
The Journal said 60 percent of ByteDance shares are owned by global investors, 20 percent by employees and 20 percent by its founders.
“If protecting national security is the objective, divestment doesn’t solve the problem: a change in ownership would not impose any new restrictions on data flows or access,” Tiktok’s Oberwetter said in a statement.TikTok Chief Executive Shou Zi Chew is due to appear before the U.S. Congress next week. It’s not clear if the Chinese government would approve any divestiture.TikTok and CFIUS have been negotiating for more than two years on data security requirements.
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