The objective would be to find a purchaser that could reconstruct the algorithm for the US operations, walling off access by the Chinese to US users and their data, a person familiar with the matter said.
The US has told TikTok’s owners in China to sell their shares or risk a ban of the popular video-sharing app, people familiar with the matter said, a major escalation in the long-running standoff over privacy concerns around Chinese control of its data and algorithm.
There are a number of potential buyers who might be interested, including content companies, tech players and private equity, said the person.A forced sale of TikTok’s operations under former President Donald Trump was stayed while the Biden administration reviewed the national security risks posed by the social media app.
Under the Cfius security review, the company agreed last year to implement a number of changes in a plan it calls Project Texas. The administration was unconvinced by TikTok’s proposal to add layers of oversight and separation from ByteDance, according to another person familiar with the matter. Early on, the Biden administration asked a federal judge to pause a lawsuit over that ban while it reviewed its options.
The move will only add to strain in the US relationship with China at a time when the two countries are already clashing over issues ranging from the fate of Taiwan to export controls of microchips to China’s strengthening partnership with Russia.
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