ByteDance Says It Will Not Sell TikTok

In a statement posted on a Chinese media platform it owns, ByteDance denied a report from the website “The Information” that said it's looking at options for a possible sale.

Earlier this week, President Biden signed a bill into law that calls for ByteDance to sell TikTok or face being banned in the U.S. Only 17% of active TikTok users are based in the U.S. and that is 170 million users.

Bytedance has said they would not sell since then-President Trump signed an executive order trying to ban the app in 2020. TikTok’s algorithm is coveted by other social media and tech companies, but it’s a closely held secret by ByteDance.