BEIJING, July 8 — Chinese tech company ByteDance has denied reports that it has agreed to sell a controlling stake in the TikTok social network to a United States (US) consortium led by Oracle, reported Sputnik/RIA Novosti, quoting Chinese media reports on Tuesday.
ByteDance said that it dismissed similar speculations in April.
In January, US media reported that the administration of US President Donald Trump was negotiating TikTok's takeover by Oracle and a group of US investors. The Chinese Foreign Ministry said that the US party should ensure an "open, fair, just, and non-discriminatory business environment" for Chinese businesses operating in the US.
On Friday, the New York Post reported that China was delaying the sale of TikTok to US investors to maximise benefits in trade negotiations with the US.
On June 29, Trump said that he would reveal potential TikTok’s buyers — described as "very wealthy people" — in two weeks.
In mid-June, he extended TikTok’s US operating permit deadline to September 17, contingent on transforming its US operations into a new company majority-controlled by US investors.
However, ByteDance informed the White House that China would not approve the deal until US trade and tariff disputes were resolved, following Trump’s imposition of steep import tariffs.
In 2024, the US Congress passed the "Protecting Americans from Foreign Adversary Controlled Applications Act" which mandated that ByteDance divest its US assets or face a ban in the United States.
This law, passed with bipartisan support, was driven by national security concerns related to TikTok's ties to China. The deadline for compliance was January 19.
— Bernama
