The Chinese government will oppose a possible US plan to force the sale of TikTok, according to a statement released Thursday, as federal regulators — and CEO Xu Ziqiu testified — threaten to ban the social media app in the US for national security. and reasons for data privacy.
- “China will firmly oppose” the compulsory sale of TikTok, Xu Yueting, a spokesperson for China’s Ministry of Commerce, said Thursday, noting that the sale would “seriously damage” investor and investor confidence in the countries.
- Although Yuting said China would oppose the forced sale, she did not say how the Chinese government would react.
- Regulators at the Committee on Foreign Investment in the United States (CFIUS) previously said they would block the app in the US if its owners in China did not sell their stake in the company.
- In a statement sent to Forbes, TikTok said “divestment does not solve the problem” and that “the change in ownership will not impose new restrictions on data flows or access.”
According to Bloomberg, US executives at TikTok are considering ways to separate from ByteDance, its China-based parent company, to ease scrutiny from lawmakers and regulators, though the move is seen as a last resort. The company also launched a $1.5 billion lobbying effort called “Project Texas,” in response to concerns from regulators, including a call by US technology firm Oracle to review its software.
Qiu will testify before the US House of Representatives Energy and Commerce Committee on Thursday, which will be his first testimony before Congress. He will respond to lawmakers by saying that TikTok is a safe platform and should not be banned in the United States.
The FBI and the US Department of Justice are investigating ByteDance’s use of TikTok to monitor US journalists, sources tell Forbes. ByteDance said in a statement that the company “strongly condemned” the actions of those involved and that they were no longer employed by the company.
Translated article from the American magazine Forbes – Author: T Roche
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