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% of ByteDance shares are owned by global investors, 20% by employees and 20% 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.
Last week, the White House backed legislation by a dozen senators to give the administration new powers to ban TikTok and other foreign-based technologies if they pose national security threats. It could give the Biden administration new ammunition in court if they sought to ban TikTok.
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