HONG KONG: TikTok owner ByteDance would prefer shutting down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the US
HONG KONG: TikTok owner ByteDance would prefer shutting down its loss-making app rather than sell it if the Chinese company exhausts all legal options
A shut-down would have limited impact on ByteDance's business while the company would not have to give up its core algorithm, said the sources, who declined to be named as they were not authorised to speak to the media.
The bill, passed overwhelmingly but the US Senate on Tuesday, is driven by widespread worries among US lawmakers that China could access Americans' data or use the app for surveillance. The US accounted for about 25 per cent of TikTok overall revenues last year, said a separate source with direct knowledge.
ByteDance also would not agree to sell one of its most valuable assets - its"secret source" - to rivals, said the four sources, referring to the TikTok algorithm. "The sale or divestiture of TikTok involves technology export and must go through administrative licensing procedures in accordance with Chinese laws and regulations."
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