Can TikTok Avoid Divestiture? ByteDance Board Member Hints at Possibility of Retaining Ownership

ByteDance’s TikTok Conundrum: Can They Keep Control Without Divesting?

The clock is ticking for ByteDance to divest its stake in TikTok to a US-based company, as per President Donald Trump’s executive order. The app remains available for use in the US, but its removal from the App Store and Google Play signals the urgency of the situation. While there are suitors waiting to pounce, one ByteDance board member is hopeful that a solution can be found that doesn’t involve selling the social media giant.

A Possibility for Retaining Ownership?

Bill Ford, chairman and CEO of General Atlantic equity firm and ByteDance board member, is optimistic that a compromise can be reached. His optimism stems from reported talks between President Trump and Chinese President Xi Jinping. Ford believes that a "change of control of some kind" is not out of the question for TikTok. However, ByteDance is working to ensure it can continue to operate in the US without selling.

The Challenge Ahead

The road ahead is challenging, given the law that passed earlier this year mandating a sale to a US-based company. It remains to be seen how ByteDance can navigate this obstacle and maintain control of TikTok. Can they find a creative solution to keep the app in US hands without compromising their ownership? Only time will tell.

[Image: ByteDance board member believes there’s a possibility to retain TikTok ownership without divesting]

Source: Bloomberg (paywall)

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