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Science & Technology News

The US administration has demanded that the Chinese owners of TikTok sell their stakes

Sources from The Wall Street Journal said that the administration of US President Joe Biden demanded that the Chinese owners of TikTok sell their stakes. So the social network will avoid being banned in the United States.

The US Committee on Foreign Investment has initiated a proposal to sell TikTok. At the moment, 60% of ByteDance's shares are owned by international investors, 20% by employees, and 20% by the founders of the social platform. At the same time, the shares of the founders have a large voting right.

The US authorities plan to ban TikTok in the country due to concerns about the security of user data. The relevant departments claim that the social network application can be used for espionage and this threatens the national security of the country.

TikTok representatives said that the forced sale and change of ownership does not solve the problem. At the same time, a spokesman for the social network noted that the company is developing security systems and is ready to implement them. ByteDance's plan is to isolate the application's operations in the US, and US user data will be stored on Oracle servers.

The US administration has demanded that the Chinese owners of TikTok sell their stakes