China might be planning to sell TikTok to X owner Elon Musk amidst legal battles in the US over its ownership. According to a report by Bloomberg, Chinese government officials are in preliminary talks about selling TikTok’s operations in the US to Musk. Beijing officials have always preferred TikTok remaining under the control of its parent company, but it seems like its future might no longer be solely in the control of Bytedance.
As per Bloomberg, sources close to the matter have revealed that TikTok’s US operations could either be sold through a competitive process or it could be sold via an arrangement by the government. Several members of the US Congress have raised concerns about the Chinese government having a ‘golden share’ in ByteDance, which gives it an ample amount of power over TikTok.
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As per the report, there is a possibility that Musk’s X takes control of TikTok US and runs the business together. Bloomberg added that officials have yet to reach a consensus.
A TikTok spokesperson was quoted as saying, “We can’t be expected to comment on pure fiction.”
Radio Silence From Entities
It is currently unclear how much ByteDance is aware of the ongoing discussions or the extent of Elon Musk and TikTok’s involvement. There is no indication that ByteDance, TikTok, or Musk have engaged in any formal talks about a potential deal.
TikTok has previously stated that the government’s stake in ByteDance “has no bearing on ByteDance’s global operations outside of China, including TikTok.” Neither Elon Musk, X (formerly Twitter), nor China’s Cyberspace Administration and Ministry of Commerce have responded to requests for comment, reported Bloomberg.
Meanwhile, last week, the US Supreme Court appeared inclined to uphold legislation that could mandate either the sale or ban of TikTok in the United States by January 19 due to national security concerns tied to China.
