The Hustle

Will the US force a sale of TikTok again?

The Chinese government owns 1% of ByteDance (and holds 1 of 3 board seats). This revelation may put its subsidiary -- TikTok -- under greater scrutiny, again.


August 18, 2021

Nearly a year ago, TikTok was tied up in an operatic corporate battle.

Over security concerns, the Trump administration was forcing a sale of the short video app from its Chinese owner (ByteDance) to the very unlikely American duo of Oracle and Walmart.

The controversy eventually went away…

… and TikTok ended the year with a huge milestone: It was the most downloaded app in 2020, besting Zucky McHarvard’s Facebook.

TikTok may be back in the hot seat, though.

According to a report from The Information, the Chinese government quietly took a 1% stake in ByteDance, which also owns popular Chinese apps Douyin and Toutiao. The government also holds 1 of 3 seats on its board of directors.

China is reining in its tech sector

The question over who really runs TikTok — aside from these DIY chefs and dancing teens — looks certain to pop up again.

Get the 5-minute roundup you’ll actually read in your inbox

Business and tech news in 5 minutes or less

100% free. We don’t spam. Unsubscribe whenever.

Exit mobile version