TikTok owner ByteDance reportedly would rather shut down app than sell it as it faces US ban
NY Post
TikTok owner ByteDance reportedly would rather shut down the popular video-sharing app than sell it if the Chinese-based company exhausts all legal options to fight a US ban – despite growing interest from American buyers for the platform.
The algorithms TikTok relies on for its operations are deemed core to ByteDance’s overall operations, which would make a sale of the app with algorithms highly unlikely, sources close to the parent said.
TikTok’s CEO Shou Zi Chew vowed on Wednesday that the social media company will wage a legal war after President Joe Biden signed a law forcing ByteDance to sell the app in 270 days or face a ban.
On Thursday, ByteDance shot down a report by The Information saying it was exploring scenarios for selling TikTok’s US business without the algorithm.
The company posted on Toutiao, a media platform it owns, that it had no plan to sell TikTok, which accounts for a small share of ByteDance’s total revenues and daily active users.
A shutdown would have limited impact on ByteDance’s business while the company would not have to give up its core algorithm, said the sources, who declined to be named as they were not authorized to speak to the media.
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