Ebuzz News
TikTok CEO Appears Before US Congress. China Says it Will Oppose Any Forced Sale of the Company.
On Thursday, the CEO of TikTok, Shou Zi Chew appeared before US Congress. Prior to his appearance, the Chinese government said it would strongly oppose any forced sale of the high-impact social media company.
Commerce Ministry spokeswoman Shu Jueting said forcing a sale of TikTok would seriously damage the confidence of investors from all over the world, including China, to invest in the United States.
President Joe Biden’s administration recently applied pressure to TikTok’s Beijing-based owner, ByteDance, to sell the company. Lawmakers in Washington have argued that TikTok’s unclear algorithms could be used to promote pro-Beijing messaging to millions of users, and have voiced concerns that TikTok’s ownership makes it easy for the company to turn over user data to the Chinese government. Because a sale of the company would involve technology export issues, it would need the approval of the Chinese government and compliance with Chinese law, Shu said. “The Chinese government will make a decision in accordance with the law,” she said.
According to ByteDance, 60 percent of TikTok’s shares are owned by large international investors and the other 40 percent are owned by the company’s founders and employees. Members of Congress on Thursday made the argument that China’s official resistance was an indication that the Chinese Communist Party owns the company, which TikTok has repeatedly denied.
Around the world, including in the Caribbean region, TikTok influencer marketing has take off, with many major brands utilizing personal user generated content to promote their brands and products.
