Tiktok sale unlikely, ByteDance heeds China’s warning

TikTok’s bid to sell a stake to investors appeared in peril after China signaled its opposition to a deal, and the app’s owner ByteDance said it had ended talks with investors.<br><br>The sale appeared to mark a turning point in the company’s struggle to address concerns its ties to China’s government posed a threat to the security of user data.<br><br>ByteDance was to sell a minority stake to KKR, General Atlantic, Sequoia Capital and Coatue Management, the FT said, adding that ministers had “voiced growing unease about the social media app’s proposed sale to investors citing fears over further erosion of the country’s control over one of its most important technology companies”.<br><br>Beijing has repeatedly highlighted its “resolute opposition to the hasty sale of TikTok to investors”, according to the newspaper.<br><br>The Chinese government defended its decision in a statement, saying: “such a move would ‘slightly erode’ Beijing’s control over‘a key company with a global presence’.”<br><br>“We’re not resigning,” said KKR co-founder Henry Kravis at a summit in Riyadh. “We’re still working with ByteDance to try to figure out what’s next and whether there’s a path forward,” he added.