NEW YORK (REUTERS) - China's ByteDance told engineers of its popular short-video app TikTok this week to make contingencies should it need to shut down its US operations, even as it works towards divesting them, people familiar with the matter said on Thursday (Aug 27).. Read more at straitstimes.com.
NEW YORK - China's ByteDance told engineers of its popular short-video app TikTok this week to make contingencies should it need to shut down its US operations, even as it works towards divesting them, people familiar with the matter said on Thursday .
ByteDance is expected to pick a bidder to enter into exclusive talks as early as Friday, according to the sources. A sale would have to be greenlighted by both the United States and Chinese governments. The shutdown contingencies are also aimed at preparing TikTok's global operations for the possibility that one of the two countries blocks any deal, the sources said.
TikTok has already implemented a hiring freeze in the US for most open positions because of the uncertainty, bringing in only 5 per cent of the staff it planned to recruit, according to the source. In addition to cutting off access for TikTok's U.S. users, shutting down TikTok could deprive"influencers", who have built large followings on the app, from income they receive from advertisers for promoting products and services.
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