ByteDance, the Chinese parent company of TikTok, has recently come under pressure from the Biden administration to sell its megapopular video platform or face a ban in the U.S., according to a report.
that TikTok’s Chineseparent company, ByteDance, has come under pressure from the U.S. government to sell its shares in the popular video-sharing app or face a ban in the country. This development is a significant policy shift by the Biden administration and has sparked a new round of debate.
The sale demand was made by the Committee on Foreign Investment in the United States , a multi-agency federal task force that monitors national security risks associated with international investments. According to TikTok, which was founded in Beijing in 2012, 60 percent of ByteDance’s shares are owned by foreign investors, 20 percent by its staff, and 20 percent by the company’s founders. The founders’ shares do, however, have excessive voting rights, which is standard in the tech industry.
Oberwetter further argued that a transparent, American-based protection of user data and systems, including strong third-party monitoring, vetting, and verification, is the best way to address national security concerns.
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